Colombia Trade August 2016

Colombia

Colombia: Exports expand for first time in 23 months in August

In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July. August’s reading marked the first expansion in exports since September 2014, putting an end to a streak of 22 consecutive contractions. According to the National Statistical Office (DANE), the result was largely driven by a rise in the value of exported hydrocarbons—which make up nearly half of the total value of exports—and an increase in manufactured goods.

Imports declined 32.9% in July (the most recent month for which data are available), which was more severe than June’s 12.6% contraction. The trade balance recorded a USD 1.0 billion deficit in July, which was smaller than the USD 1.7 billion deficit registered in the same month last year.

Panelists participating in the LatinFocus Consensus Forecast expect that exports will contract 10.0% in 2016 and expand 9.0% in 2017.


Author:, Economist

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Colombia Exports August 2016

Note: Year-on-year and annual average variation in %.
Source: Colombia National Statistical Office (DANE).


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