Colombia Trade Balance April 2020

Colombia

Colombia: Exports plunge to record low in April amid global shutdown

May 29, 2020

Exports plummeted 52.3% over the same month last year in April, the worst decline on record as the coronavirus pandemic halted the domestic and global economy (March: 28.5% year-on-year). Export sales were down across all major subcomponents, with sales of fuels and minerals nosediving around 70% annually.

In March—the latest month for which data is available—imports fell 16.9% over the same month of 2019, which contrasted February’s 0.2% rise.

Accordingly, the trade deficit widened to USD 1.0 billion in March from the USD 0.8 billion shortfall in the same month of 2019

Panelists participating in the LatinFocus Consensus Forecast project that exports will fall 24.4% in 2020. In 2021, panelists see export growth of 8.7%.


Author: Angela Bouzanis, Lead Economist

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Colombia Trade Balance Chart


Colombia Exports April 20 20 1

Note: Year-on-year and annual average variation in %.
Source: Colombia National Statistical Office (DANE).


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