Balance of payments

During the year 2000, the Colombian balance of payments presented a US$112 million deficit, from US$20 million in 1999 (0.0 % of GDP) to US$132 million (0.2% of GDP) in 2000. This result was due to the increase of the factorial incomes (US$1.0 billion) in spite of the good trade balance surplus increase by (US$768 million) as a result of the increase in the growth of exports (US$1.6 billion). On the other hand, the capital account presented net inflows of US$917 million, sum higher from those registered in the same period of the year 1999, which amounted to US$36 million. This behavior is explained by the US$1.2 billion decrease in short term capital outflows, which amounted to US$1.0 billion in 2000, in contrast with those registered in the same period of the year 1999, which amounted to 2.2 billion. On the other hand, the long-term net capital flows decreased by US$305 million, due to the reduction of the external net indebtedness (US$1.3 billion) and to the Colombian net direct foreign investment increase (US$190 million), which was partially compensated by the increase of direct foreign investment in Colombia (1.2 billion). At the end of the year 2000, International reserves amounted US$9.0 billion, equivalent to 9.8 months of goods import, 7.6 months of goods and services imports, and 2.8 times the short-term external debt balance.

BALANCE OF PAYMENTS 1/
(US$ millions)