In September, exports grew 15.0% over the same month last year to reach USD 3.2 billion. The pace was slower than the 22.3% expansion registered in August. The September reading mainly reflected a deterioration in overseas sales to the country's main trade partners, with exports to the United States falling 7.5% over the same month last year. Moreover, sales to Venezuela, historically one of the country's major trading partners, contracted 69.2% year-on-year, as the diplomatic difficulties between the two countries have prompted Venezuela to mandate import quotas on several important export groups. However, following Colombia's presidential transition in August, the relations between the two countries have improved notably. In early November, President Juan Manuel Santos and his Venezuelan counterpart Hugo Chavez signed a number of agreements that promise to put an end to the diplomatic rift and discussed a number of bilateral agreements in the areas of textiles, agricultural and meat production, energy, housing construction, automobile manufacturing, tourism and infrastructure. As a result of the September reading, the moving three-month sum of exports reached USD 9.6 billion, which is still below the pre-crisis peak of 10.8 billion registered in July 2008. Meanwhile, in August, the latest date for which data are available, imports grew 41.9% year-on-year (July: +8.2% yoy). As a result, the trade balance deteriorated, with the deficit rising from USD 283 million recorded in July to a USD 336 million deficit in August.
Colombia Trade Balance
Exports likely to pick up as diplomatic rift with Venezuela is drawing to an end
October 5, 2010
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Colombia Economic News
October 7, 2016
In what was a narrow and shocking result, Colombians rejected the peace agreement between the government and the FARC at the 2 October referendum.
September 30, 2016
In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July.
September 30, 2016
The seven-member board of the Central Bank (BanRep) unanimously decided to keep the reference interest rate unchanged at 7.75% at its 30 September monetary policy meeting.
September 16, 2016
Industrial production unexpectedly shrank 6.2% annually in July, which contrasted the 6.7% increase seen in June.
September 5, 2016
The Colombian economy continues to adjust to low oil prices two years after they first started to collapse.