Colombia: Exports decline at outset of year
March 3, 2014
Exports fell 1.5% over the same month last year in January, which contrasted the 6.5% increase recorded in December. The print did, however, overshoot the 9.4% decline that markets had expected. According to the National Statistical Office (DANE), the deterioration was due to a sharp contraction in manufacturing as well as in agriculture products. Imports contracted 6.6% annually in January, which contrasted the 8.6% expansion recorded in December. The trade balance recorded a USD 69 million deficit in January, which was above the USD 336 million shortfall recorded in the same month last year. LatinFocus Consensus Forecast panelists expect that exports will expand 9.9% in 2014, before moderating to a 6.7% expansion in 2015.