Colombia: Oil shipments bolster exports in February
April 25, 2011
In February, exports expanded 37.2% over the same month last year to reach USD 3.9 billion, an improvement over the 29.8% increase registered in January. The stronger February result mainly reflected higher shipments of oil, supported by exports of coal as well as coffee. The gain in exports was driven by increasing demand from the United States (Colombia's most important trading partner), which added 20.0% over the same month the year before. As a result of the February reading, the moving three-month sum of exports reached USD 11.6 billion, surpassing the pre-crisis peak of USD 10.8 billion registered in July 2008 for a second consecutive month. Meanwhile, imports grew 35.2% year-on-year in February to reach USD 3.8 billion. As a result, the trade surplus widened from USD 13 million in January to USD 172 million in February.