Colombia ended 2025 with a current account deficit of 2.4% of GDP, according to Credicorp Capital's analysis of Banco de la República data. This rise from 1.7% in 2024 stems mainly from a wider trade imbalance. While foreign direct investment covered the deficit, forecasts for 2026 point to increased vulnerability.
Colombia's current account deficit stood at 2.4% of GDP in 2025, a worsening from 1.7% the previous year, per Credicorp Capital's report. This outcome, while within manageable limits, raises concerns about the sustainability of external financing heading into 2026.
The goods trade balance recorded a negative balance of $14.871 billion, driven by imports rising 10.1% to $66.329 billion, compared to exports growing just 0.8% to $51.496 billion. Crude oil and coal exports declined, offset partially by gains in coffee, industrial products, and gold. Terms of trade improved by 3% due to higher export prices and lower import prices, yet insufficient to offset the deficit.
The primary income account showed a deficit of $12.446 billion, down $391 million from 2024, attributed to lower net interest payments on external debt and repatriated profits by firms in oil, mining, and transport. This relief may prove temporary amid regulatory uncertainties and policy shifts impacting future foreign direct investment.
Worker remittances hit a record $13.098 billion, or 2.9% of GDP, cushioning the imbalance but masking structural issues like low productivity and external dependency.
Foreign direct investment totaled $11.469 billion, below $13.684 billion in 2024, yet enough to cover the deficit for the third year. Net FDI dropped to $7.100 billion from $9.100 billion. For 2026, Credicorp forecasts a deficit of 3.1% of GDP amid expansive fiscal policy and political risks, with FDI still covering the gap but with narrowing margins.
