Colombia: Merchandise export growth picks up slightly in August
October 1, 2021
Merchandise exports grew 28.4% year-on-year in August, accelerating mildly from July’s 27.4% expansion. Looking at the details of the release, August’s stronger increase was largely due to manufacturing exports growing at a faster pace. That said, fuel shipments—the country’s key export—expanded at a more moderate pace in August compared to July.
Merchandise imports increased 41.7% in August, accelerating markedly from July’s 29.3% increase. Consequently, the merchandise trade deficit widened to USD 1.5 billion in August from the USD 0.8 billion one clocked in August 2020. Accordingly, the trend deteriorated, with the 12-month trailing merchandise trade balance logging a USD 13.6 billion deficit in August from the USD 12.9 billion deficit recorded in July.
Author: Marta Casanovas , Junior Economist