Colombia: Export growth accelerates considerably in July
August 2, 2017
Exports expanded a robust 37.6% in July on a yearly basis, significantly up from June’s weak 0.8% expansion. According to the National Department of Administrative Statistics (DANE), the strong performance was fueled by solid growth in coffee and banana exports as well as a growth spurt in the manufacturing sector, particularly in car exports. Slight improvements in oil prices boosted oil and hydrocarbon exports.
Imports grew 2.5% in annual terms in June—the most recent month for which data is available—accelerating slightly from 2.4% in May (previously reported for May: +4.0% year-on-year) and marking a sixth consecutive monthly increase. The acceleration was driven by higher imports of manufactured products.
Meanwhile, the trade deficit totaled USD 0.8 billion in June, widening from the USD 0.7 billion deficit recorded in the same month last year.
Author: Lindsey Ice, Economist