Colombia: Contraction in exports continues to ease in June
August 2, 2016
Colombian exports shrank for the 21st consecutive month in June. Nevertheless, the fact that the contraction in exports has been easing steadily since March and that June’s drop marked the smallest decrease since October 2014 come as encouraging news. In June, exports shrank 15.4% over the same month last year, which was a less severe contraction than May’s 20.0% drop. According to the National Statistical Office (DANE), the result was largely driven by a decrease in the value of exported hydrocarbons, which make up nearly half of the total value of exports.
Imports declined 19.0% in May (the most recent month for which data are available), which was less severe than April’s 16.8% contraction. The trade balance recorded a USD 744 million deficit in May, which was smaller than the USD 874 million deficit recorded in the same month last year.