Colombia Trade Balance May 2020

Colombia

Colombia: Exports record another plunge in May amid global shutdown

June 30, 2020

Exports plummeted 40.3% over the same month last year in May, marking one of the worst declines on record as the coronavirus pandemic halted the domestic and global economy. April’s 52.3% fall marked the worst drop in the series’ history.

In April—the latest month for which data is available—imports fell 32.7% over the same month of 2019, the largest drop since July 2019 (March: -16.9% year-on-year). Accordingly, the trade deficit widened to USD 1.1 billion in April from the USD 0.5 billion shortfall in the same month of 2019.

FocusEconomics panelists project exports to fall 26.1% this year amid the coronavirus pandemic. Next year, exports are seen rebounding and growing 14.4%.


Author: Angela Bouzanis, Lead Economist

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Colombia Trade Balance Chart


Colombia Exports May 20 20

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


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