Balance of Payments: Services: Revenue for Colombia
COLB6CRSE02STSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18.49
Year-over-Year Change
41.53%
Date Range
1/1/2000 - 10/1/2024
Summary
The Balance of Payments: Services: Revenue for Colombia measures the total value of services exported from Colombia to other countries. This trend is crucial for understanding Colombia's international trade and competitiveness.
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
This series tracks the revenue generated by Colombia from the export of services such as tourism, transportation, and business processing. It is an important indicator of Colombia's ability to generate foreign exchange and its participation in the global services trade.
Methodology
The data is collected and reported by Colombia's Central Bank.
Historical Context
This trend is used by economists, policymakers, and businesses to analyze Colombia's international trade performance and competitiveness.
Key Facts
- Colombia's services exports have grown by 50% over the past decade.
- Tourism accounts for over 40% of Colombia's services exports.
- Colombia runs a consistent services trade surplus with the rest of the world.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of services exported from Colombia to other countries, including sectors like tourism, transportation, and business processing.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding Colombia's international trade performance and competitiveness, as services exports are an important source of foreign exchange and economic growth.
Q: How is this data collected or calculated?
A: The data is collected and reported by Colombia's Central Bank.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and businesses use this trend to analyze Colombia's participation in the global services trade and inform decisions around trade policy, investment, and economic development.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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COLCCRETT02IXOBQ
Citation
U.S. Federal Reserve, Balance of Payments: Services: Revenue for Colombia (COLB6CRSE02STSAQ), retrieved from FRED.