Colombia: Exports boosted by skyrocketing oil shipments
May 25, 2011
In March, exports expanded 46.5% over the same month last year to reach USD 4.9 billion, a notable improvement over the 37.2% increase recorded in February. The stronger March result mainly reflected stellar growth in oil shipments (+96.3% year-on-year), along with stronger exports of coal as well as coffee. The gain in exports was driven by increasing demand from the United States (Colombia's largest trading partner), which added 57.9% over the same month the year before. As a result of the March reading, the moving three-month sum of exports reached USD 12.6 billion, continuing to diverge further from the pre-crisis peak of USD 10.8 billion registered in July 2008. Meanwhile, imports grew 39.9% year-on-year in March to reach USD 4.6 billion. As a result, the trade surplus widened from USD 172 million in February to USD 255 million in March.