Balance of Payments: Goods: Expenditure for Colombia
COLB6DBTD01CXCUSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,475,100,000.00
Year-over-Year Change
-6.25%
Date Range
1/1/2000 - 10/1/2024
Summary
The Balance of Payments: Goods: Expenditure for Colombia measures the value of goods and services traded between Colombia and the rest of the world. This metric is a key indicator of a country's economic performance and trade balance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Balance of Payments: Goods: Expenditure tracks the total value of goods and services exported and imported by Colombia. It provides insights into the country's international trade flows, which are crucial for understanding its overall economic health and competitiveness.
Methodology
The data is collected by the Central Bank of Colombia through a comprehensive survey of trade transactions.
Historical Context
This economic indicator is closely monitored by policymakers, investors, and analysts to assess Colombia's trade position and make informed decisions.
Key Facts
- Colombia is a major exporter of agricultural products, including coffee, flowers, and bananas.
- The United States is Colombia's largest trading partner, accounting for over a quarter of its total trade.
- Colombia has sought to diversify its export markets in recent years, focusing on Asia and Europe.
FAQs
Q: What does this economic trend measure?
A: The Balance of Payments: Goods: Expenditure for Colombia measures the total value of goods and services traded between Colombia and the rest of the world.
Q: Why is this trend relevant for users or analysts?
A: This metric provides critical insights into Colombia's international trade performance, which is a key indicator of the country's economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Colombia through a comprehensive survey of trade transactions.
Q: How is this trend used in economic policy?
A: Policymakers, investors, and analysts closely monitor this indicator to assess Colombia's trade position and make informed decisions about economic policies and investment strategies.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by the Central Bank of Colombia, but there may be some delays in the reporting of the most recent figures.
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Citation
U.S. Federal Reserve, Balance of Payments: Goods: Expenditure for Colombia (COLB6DBTD01CXCUSAQ), retrieved from FRED.