Balance of payments

At the end of the January-September period of the year 2000, the Colombian balance of payments presented a US$112 million surplus (0.2% of GDP), in contrast with US$142 million deficit registered in the same period of 1999. This result was due to the growth of the surplus of the goods trade balance (US$1.8 billion) as a consequence of the increase in the growth of exports (16.8%) over that of imports (11.5%) and in a lesser extent to the decrease in non factorial external trade services. During the year, the capital account presented net inflows of US$7 million contrary to those registered in the same period of the year 1999, which amounted to net outflows of US$24 million. This behavior is explained by the decrease in short term capital outflows, lower in US$714 million than that presented in 1999, and by long term net capital flows, which amounted to US$738 million and fell by US$683 million. The reduction of short-term capital outflows was due to the fall the financial sector's external indebtedness, and by the increase of Colombian assets abroad. On the other hand, the decrease of long-term inflows was due to the reduction of the external net indebtedness. International reserves grew to US$8.6 billion, equivalent to 9.4 months of goods' import, 7.3 months of goods' and services’ import, and 3.0 times the short-term external debt balance.

BALANCE OF PAYMENTS 1/
(US$ millions)