The recent announcement by the Federal Reserve about a recession in usa in the last quarter of 2023 or in the first quarter of 2024 could affect the foreign trade goals for Colombia, especially on the export side, warns Analdex.
“For this year we anticipated some foreign sales close to 60,000 million dollars. However, the outlook projected in the United States indicates
that our main trading partner could demand fewer products”, assures Javier Díaz, president of Analdex.
(Also read: Inflation in the United States suffers a blow again: it increased to 4.4% in April)
Yomaira Grandett / Archive EL TIEMPO
In the first months of the year there have been almost three blockades per day, which makes the logistics chain difficult
Furthermore, he points out that there could be a domino effectsince being the main economy worldwide, it will have an effect on countries like Mexico, which would also decrease their purchases from Colombia and other origins.
Similarly, the union leader pointed out two other factors that could impact Colombia’s foreign trade.
According to the most recent reports, China fell about 8 percent in its imports and it would not be the dynamizer of the world economy that was expected for Colombian exports to grow.
Similarly, the president of Analdex states that in the first months of the year there have been almost three blockades per day, which hinders the logistics chain of both imports as outside sales.
(Also read: Exports to Venezuela grew 32.9% in the first quarter of 2023)
Santiago Saldarriaga. WEATHER Archive
During the first quarter of 2023 Colombian exports to the United States reached 3,216 million dollarswith a growth of 0.9 percent compared to the same period of 2022. Even a third of Colombia’s non-mining exports were destined for the North American country.
Meanwhile, imports from that market registered 4.420 million dollars and a fall of 2.9 percent, according to figures from Dane.
On the other hand, China will reach 13.6 percent of purchases from Colombiareaching 562 million dollars, while imports from that market fell 33 percent to reach US$3,377 million.
