Colombia: Exports soar to over 12-year high in April
Merchandise exports soared in April, expanding 56.3% on an annual basis, coming well above March’s 36.4% jump, logging the best result in over 12 years. April’s expansion was largely attributed to a marked increase in fuel shipments, the country’s key export, as well as shipments of manufacturing products. Meanwhile, exports of agricultural products rose at a milder pace than in the previous month. That said April’s stellar growth was partly driven by a supportive base effect.
Similarly, merchandise imports jumped 35.8% in annual terms in March, the last month for which data is available, on a favorable base effect, contrasting February’s 3.0% tumble. As a result, the merchandise trade deficit widened to USD 1.3 billion in March from USD 1.0 billion in March 2020. Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 10.6 billion deficit in March, compared to the USD 10.3 billion deficit tallied in February.
Consensus Forecast panelists project merchandise exports to expand 17.2% in 2021, and merchandise imports to grow 13.3%, resulting in a USD 7.7 billion trade deficit. In 2022 our panel estimates merchandise exports and imports to grow 8.8% and 7.2% respectively, with a trade deficit of USD 7.6 billion.