Colombia: Exports moderate sharply in 2012
February 18, 2013
In December, exports fell 11.2% in annual terms, which followed the 8.2% drop recorded in the previous month and marked the steepest contraction observed since August 2009. The monthly decline mainly reflects lower shipments of manufactured goods as well as of fuel and mining products. In the full year 2012, exports grew 5.7% annually, which represented only a fraction of the whooping 44.4% expansion tallied in 2011 but was in line with last month's LatinFocus Consensus Forecast that had shipments increasing 5.4%.
Meanwhile, imports expanded 2.1% in November - the latest month for which data are available - which followed the 7.8% rise recorded in October. In the 12 months up to November, imports increased 8.3% in annual terms (October: +10.7% year-on-year). As a result, the trade balance reached a USD 434 million deficit in November, which prompted the 12-month moving sum of the trade balance to fall to a USD 1.6 billion surplus, below the USD 2.1 billion surplus observed in October.