BCR: Trade balance accumulated 8 continuous years of surplus

The trade balance registered a surplus of USD 17,401 million in 2023, an amount that represents 6.5 percent of GDP, and USD 7,068 million higher than the result of the previous year. In this way, the country’s annual trade balance accumulated eight consecutive years with a surplus.

This result is associated with lower imports due to a lower imported volume of inputs for industry and capital goods, related to the decline in manufacturing production and private investment. To a lesser extent, the increase in the volume of shipments of traditional products and the higher prices of non-traditional products also contributed.

In the fourth quarter of 2023, the surplus of the trade balance in goods amounted to USD 5,184 million, a result higher by USD 2,197 million than in the similar period of 2022. Likewise, it was the quarter with the highest value recorded in the year.

This result was explained by an increase, both in volume and price, of exports of traditional products, as well as higher prices of non-traditional products. This evolution was reinforced by the drop in imports, basically due to lower volume and lower prices of oil, industrial inputs and cereals.