Blog BanRep | Service Exports: A Window of Opportunity
The Balance of payments of Colombia for 2024 and 2025 shows that between these two years, the current account deficit as a share of GDP (Gross Domestic Product) rose from 1.7% to 2.4%, equivalent to an increase of USD 3,871 million (m) in absolute terms. The main factor behind this result was the widening of the trade deficit of the balance of goods, which was partially offset by the surplus in current transfers, reflecting the strong growth in workers’ remittances, whose underlying drivers were discussed in an earlier blog post. The second most important factor offsetting this imbalance was a reduction of USD 488 m of the deficit of the balance of services. This improvement in the balance of services was largely driven by a nearly 9.0% growth in service exports in 2025...
