Colombia: Exports surge, hitting near three-year high in March
Merchandise exports skyrocketed in March, expanding 36.4% in annual terms, well above February’s flat reading and logging the strongest growth in nearly three years. However, the print was partly flattered by a low base effect. March’s jump was broad-based, with shipments of agricultural products, manufacturing products and other sectors all increasing at a quicker rate. Moreover, fuel shipments, the country’s key export, rebounded solidly over the previous month.
Similarly, merchandise imports jumped 35.8% in annual terms in March, 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.