Sales from Colombia to US are increasing due to slowdown in China

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EXPORTACIONES

During January and November 2023, a slowdown in the Chinese economy allowed Colombian products to enter the United States. Key sectors include agricultural products, which were exported worth US$1,647 million, an increase of 11% compared to US$1,490 in the same period in 2022.

Next, there are precious stones and metals, with sales of US$1,403 million, an increase of 28% from US$1,098 in the same period in 2022; and chemicals, with shipments of US$64 million, an increase of 128% compared to US$28 million in the same period of 2022.

Development

Among the Colombian products with the greatest growth in the United States following reduced Chinese supplies during the first eleven months of 2023, weeding, gauze and bandages are the leaders, with exports of US$9.3 million (+457%); carboxylic acids, sending US$41.2 million (+135%); and paper and cardboard, with US$18.2 million (+64%). They are followed by cassava and its derivatives, valued at US$10.2 million (+58%); hair preparations, with US$11.6 million (+48%); cane sugar, with US$132 million (+43%); and legumes and vegetable preparations, with US$84 million (+28%), respectively.

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Progress on adjacent trade or business relocation to Latin America continues to strengthen as U.S. companies evaluate new production options in the region. In connection with this, Mexico managed to become the largest trading partner of the United States in the world with exports of US$438,986 million between January and November 2023 and overtaking China’s leadership of the last 16 years.

Although Mexico’s supplies to the United States reflect a new commercial landscape generated by US-China tensions, Colombian exports compensated for reduced Mexican supplies in 28 of the possible 108 products. This is explained by the low dynamics of the production of precious stones and metals, especially gold, which has decreased by -11.3% in the first nine months of 2023, according to INEGI, the statistical offices of said country.

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Products

Following lower production from Mexico, the Colombian products whose sales increased on the US market in the first eleven months of 2023 included gold (US$1,403 million); Bars, rods and elements for aluminum manufacturing (519 million); palm oil and its fractions (US$37 million); and paper and cardboard (US$18 million), each.

AmCham Colombia highlighted the importance and opportunities for export diversification that Colombia currently has in the face of current trends of change in global trade dynamics, diversification of risks in companies and the search for new competitive suppliers. To achieve this, it will be necessary to take joint action, regardless of the favorable exchange rate, to stimulate investment and move forward on a path to sustainable growth and more formal and quality employment.

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