Bolivia’s trade balance up to October 2022 totaled US$825 million, 46 percent less than the surplus recorded in the same period of 2021, the private Bolivian Institute of Foreign Trade (IBCE) reported Monday, with data from the state-run National Statistics Institute (INE).
The report released by the IBCE specifies that the decrease in this year’s surplus is due to a higher growth rate of imports compared to the slowdown in exports.
According to the report, the main export destinations from January to October 2022 were India with 17 percent and Argentina with 14 percent share.
The largest trade surplus was recorded with India, with US$1.7 billion.
The data specifies that exports to October 2022 showed an increase of 29 percent, reaching US$11.632 billion, US$2.588 billion higher than the figure recorded in the same period of 2021.
On the other hand, imports to October showed a 44 percent increase, reaching US$10.807 billion, US$3.296 billion higher than the figure recorded in the same period of 2021.
From January to October 2022, it is established that the largest trade surplus recorded corresponds to industrial supplies, among which gold exports stand out.
The economist and general manager of IBCE, Gary Rodriguez, told Xinhua that these trade surplus figures close to US$1 billion, are the product of exports to date and are constituted in history surpassing the best moment of Bolivian foreign trade recorded in 2014.
For the foreign trade expert, foreign sales of the manufacturing industry so far this year were consolidating as one of the main sectors that drive foreign sales and the trade surplus.
However, he said that the reduction of the Bolivian trade balance in relation to a similar period in 2021 is due to the increase in the purchase of fuels and lubricants, as well as industrial supplies.
According to the expert, the latest figures of the Bolivian foreign trade show the continuous recovery of the trade balance and outline to close this management with a new historical figure in exports and a significant recovery of the positive trade balance.