Colombia: Decline in exports moderates in December
February 4, 2021
Merchandise exports dropped at a softer pace of 9.0% year-on-year in December 2020, following November’s 14.3% plunge and logging the weakest contraction since February 2020. December’s milder downturn was largely attributed to a softer decline in fuel shipments. Meanwhile, exports of agricultural products grew at a significantly quicker rate.
Similarly, in November, the latest month for which data is available, merchandise imports dropped at a weaker annual rate of 12.7%, following October’s 15.0% contraction. As a result, the merchandise trade deficit narrowed to USD 1.4 billion in November from USD 1.6 billion in November 2019. Lastly, the trend also improved slightly, with the 12-month trailing merchandise trade balance recording a USD 9.8 billion deficit in November, compared to the USD 10.0 billion deficit tallied in October.