Colombia hits record trade deficit in commerce with China
Photo: Fotografía oficial de la Presidencia de Colombia.
In 2024, Colombia became one of the three Latin American countries with the largest trade deficit with China, alongside Brazil and Mexico. According to official data from the National Administrative Department of Statistics (DANE), the shortfall climbed to USD 12.391 billion, compared to USD 10.369 billion in 2023.
The gap underscores the asymmetry in bilateral trade: Colombia imports high-value goods from China, including machinery, vehicles, industrial inputs, textiles, and electronics, while exporting mainly raw or lightly processed commodities such as oil, coal, coffee, flowers, and agricultural products. This imbalance highlights the limited diversification of Colombia’s export portfolio.
Bilateral trade has expanded rapidly, growing from about USD 1.2 billion in 2004 to USD 18.3 billion in 2024. China is now Colombia’s second-largest trading partner after the United States. Yet the deficit persists: for every dollar Colombia exports to China, it imports nearly five.
Experts warn that the persistent shortfall poses challenges for Colombia’s competitiveness and long-term industrial development. While China represents a vast and dynamic market, Colombia’s exports have not moved significantly up the value chain. As Chinese imports dominate key sectors, concerns grow over how domestic industries can remain competitive.
This scenario has fueled debate over whether Colombia should pursue new cooperation frameworks or trade negotiations to increase market access for its products, while simultaneously advancing domestic industrialization strategies. Without such adjustments, Colombia risks deepening its dependency on imports in a relationship increasingly central to its economic future.
* Original text in Spanish. Translated by Large Language Model (LLM) technology.
Main Source:
Colombia en el top 3 de países de la región que más acumulan déficit con China – La República
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