Colombia: Exports rebound strongly in August
October 9, 2013
Exports expanded 8.9% over the same month last year in August, contrasting both the 6.6% drop recorded in July and the 1.5% decline that markets had expected. The increase marks the fastest expansion in 10 months. The improvement was due to a strong rebound in shipments of fuel and mining goods and a softer decline in manufacturing exports.
Imports fell 1.6% in July (the most recent month for which data are available) following the 15.5% contraction recorded in June. The trade balance reached a USD 462 million deficit in July, which marks a deterioration over the USD 217 million shortfall observed in the same month last year.
LatinFocus Consensus Forecast panelists estimate exports will expand 3.2% this year, while the trade surplus will reach USD 2.0 billion. Next year, the panel expects exports to grow 10.7%, while the trade surplus will reach USD 2.6 billion.