Colombia: Exports record largest drop in seven months in October
December 6, 2013
Exports contracted 11.0% over the same month last year in October, following the 1.2% decline recorded in September. The print contrasted the 2.0% rise that markets had expected and represented the sharpest contraction since March. According to National Statistical Office (DANE), the deterioration was due to a sharp decline in shipments of fuel and mining goods as well as agriculture products.
Imports rose 10.0% in September (the most recent month for which data are available), contrasting the 5.0% contraction recorded in August. The trade balance recorded a USD 297 million deficit in September, which contrasted the USD 231 million surplus recorded in the same month last year.
LatinFocus Consensus Forecast panelists estimate that exports will expand 2.2% in 2013 and they expect the trade surplus to reach USD 1.9 billion. Next year, the panel expects exports to grow 9.8% and the trade surplus to reach USD 1.9 billion.