Primera Página – Agencia de Noticias –
Bogotá.-Colombian investment abroad increased the outflow of foreign currency from Colombia as of the fourth week of November 2023, according to records of Banco de la República consolidated by Primera Página.
In fact, as of November 24 of this year, about US$2,052 million of this type of investment left Colombia.
This result represented an increase of 48.06% in relation to that observed a year ago, when the figure was closer to US$1,386 million.
It is important to mention that, during the whole of 2022, US$1,457 million of resources of nationals abroad left Colombia.
On the other hand, the current account of the foreign exchange balance, as of November 24, 2023, registered a surplus of US$18,169 million.
If this figure is compared with that of the same period of the previous year, a 43.45% increase is observed. In absolute terms, the increase was in the order of US$5,503 million, since the result for the year to November 2023 was US$18,169 million.
It should be remembered that the Exchange Balance, which is published weekly by Banco de la República, only shows currency flows, i.e. inflows and outflows of foreign currency. For this reason, it is only a glimpse of the Balance of Payments, which the Issuer publishes quarterly with a delay of three months.
The Balance of Payments not only shows the inflow and outflow of foreign currency, but also the inflow and outflow of goods and services, which makes the information much more complete than that disclosed by the Balance of Exchange.
The Current Account of the Balance of Payments is made up of two items, one of the Trade Balance, which is export refunds minus import drafts.
The other item of the Current Account is the Balance of Services and Transfers. This is where the payments made to the factors of an economy are included. These are land, capital and labor.
Both in the balance of exchange and in the balance of payments, in the Balance of Services and Transfers, the payments for labor and capital enter fundamentally, that is to say, the remittances sent by workers, either from abroad to Colombia or from the country to abroad. In the Colombian case, remittances from abroad to the country predominate.
But there are also payments to capital, i.e. dividend remittances and remittances from multinationals.
With the above in mind, it can be seen that the trade balance, which is part of the current account, in this case, is more predominant in the case of Colombia.
