Colombia: Exports rebound in October
December 3, 2010
In October, exports grew 20.5% over the same month last year to reach USD 3.6 billion. The pace was faster than the 15.0% expansion registered in September. Exports were mainly boosted by strong sales of raw materials and coffee. In addition, exports to Venezuela are picking up again, as relations with that country, historically one of Colombia's major trading partners, are beginning to improve. Last year, a diplomatic row between both countries significantly hurt Colombian exporters, with sales contracting 70% year-on-year. As a result of the October reading, the moving three-month sum of exports reached USD 10.0 billion, which is still below the pre-crisis peak of 10.8 billion registered in July 2008. Meanwhile, in September, the latest month for which data are available, imports grew 43.0% year-on-year (August: 41.9% yoy). As a result, the trade deficit in September widened to USD 716 million from USD 336 million in August.