Contrary to what the National Government expected, the reopening of the border between Colombia and Venezuela since last September 26 did not have the best results, at least in terms of exports.
A year ago, sales to the neighboring country began to register a month-on-month increase, a trend that ended in May. Even in October, the month that followed the reactivation of commercial exchange, exports decreased 2.4 percent and totaled 55.6 million dollars.
(Also read: Gustavo Petro Summit with Nicolás Maduro on the border)
The recovery came from November, which allowed closing the year with sales to Venezuela for 632.3 million dollarspractically double if compared to 2021 (331.1 million dollars).
What sold the most were food, drink and tobaccowhich represented 27 percent of the total amount, thanks to the 132.8 percent increase reported at the end of the year.
A significant amount of chemical products was also exported; plastic materials; foundry, iron and steel, and fuels.
On the import side, these did reflect a positive effect as a result of the opening of the border. They closed at 108.2 million dollars, with a growth of 56.1 percent.
Although at the beginning of the year it had a mixed compartment, as of last July there was an upward trend. in October, purchases from Venezuela rose 38.5 percentbut in November these continuous increases were interrupted.
That month, the fall was 6.7 percent, up to 12.4 million dollars; however, in December they picked up again and rose to 16.5 million dollars, 33 percent more than in November.
Taking this balance into account, the expectations of the Minister of Commerce, Industry and Tourism, Germán Umaña, were not met, since he expected that they would end up between 750 and 800 million dollars. In the end, trade exchange reached 740.5 million dollars.
For this year, he expects the figure to be between 1,700 and 1,800 million dollars, thanks to the fitting out of the Tienditas bridge.
(Also read: Maduro proposes that Petro create an ‘economic zone’ between Colombia and Venezuela)
renewing agreements
Colombia had some great gas discoveries, so the needs that we are going to have to import gas are going to be less
Seeking to strengthen the commercial relationship between Colombia and Venezuela, on November 1, 2022, Presidents Gustavo Petro and Nicolas Maduro They signed three agreements in Caracas on mining, security on the 2,219-kilometer border, and binational politics.
Six days later it took off the first flight from caracas to bogotaafter two years of broken relations, thus beginning the reactivation of air routes.
Added to this is the meeting held by the two presidents last Thursday to celebrate the deepening of Partial Scope Agreement No. 28, which will stimulate economic complementarity between the two countries.
«We seek to promote integration, development and joint economic balance, strengthening bilateral trade and boosting our relations on the border», assuring the presidents.
Similarly, tariff preferences were reviewed and adjusted to balance the conditions of trade.
Another looming opportunity for Colombia is the natural gas export, taking into account the great potential of the discoveries that have been reported in the Caribbean Sea. Although the door was also reopened for possible imports.
«Colombia had some major gas discoveriesSo, the needs that we are going to have to import gas are going to be less”, said the Minister of Finance, José Antonio Ocampo, in an interview with Globovisión.
