Colombia: Export growth decelerates sharply to six-month low in April
June 2, 2017
In April, exports grew just 6.8% from the same month of the previous year, which followed the staggering 37.9% expansion recorded in March and was the lowest reading since October 2016. The strong performances recorded in recent months had largely reflect a favorable base effect—which is now fading—, as exports had dropped dramatically last year due to low oil prices.
According to the National Statistical Office (DANE), April’s result mainly reflected an increase in the value of hydrocarbon exports—which make up around half of the total value of exports. Meanwhile, non-oil exports actually fell 6.4% in April.
Imports grew 14.8% annually in March (the most recent month for which data is available), which marked a third consecutive monthly increase. The trade deficit totaled USD 0.7 billion in March, which was smaller than the USD 1.1 billion gap registered in the same month of last year.
Author: Luis Lopez Vivas, Economist