Colombia: Exports contract for fourth consecutive month in February
April 9, 2013
In February, exports fell 6.6% over the same month last year, which marks the fourth consecutive drop and represents a deterioration over the 1.1% decline tallied in the previous month. The monthly contraction mainly reflects lower shipments of fuel and mining products. As a result, in the 12 months up to February exports growth slowed to 1.4% over the same period last year (January: +3.8% year-on-year).
Meanwhile, imports expanded 19.0% in January - the latest month for which data are available - which contrasted the 0.4% drop recorded in December. In the 12 months up to January, imports increased 7.4% in annual terms, which represents an improvement over the 7.1% rise witnessed in December. As a result, the trade balance reached a USD 466 million deficit in January, which prompted the 12-month moving sum of the trade surplus to fall to USD 1.2 billion, which was below the USD 2.1 billion surplus observed in December.
LatinFocus Consensus Forecast panellists estimate exports will expand 6.7% this year, while the trade surplus will reach USD 2.6 billion. Next year, the panel expects exports to grow 10.5%, while the trade surplus will reach USD 3.2 billion.