Colombia: Export growth jumps in December
February 5, 2018
Exports surged 13.6% year-on-year in December, a substantial rise from November’s 6.7% increase. Data released by the National Department of Administrative Statistics (DANE) showed that output expanded in two product groups while declining in the other two. Exports of fuels and products of extractive industries rocketed, growing 49.7%, while manufacturing output rose marginally. These increases countered double-digit contractions in farming, food and beverages, and output in other sectors.
In November—the most recent month for which data is available—imports contracted 4.3% in year-on-year terms, strongly contrasting the 9.1% jump recorded in October. The contraction was largely the result of a drop in imports of manufacturing goods.
The trade deficit was USD 0.8 billion in November—the most recent month for which data is available—down from the USD 1.2 billion shortfall in the same month of the previous year, but higher than October’s USD 0.5 billion deficit.
Colombia Trade Balance Forecast
Panelists participating in the LatinFocus Consensus Forecast expect that exports will grow 6.9% in 2018, which is up 0.1 percentage points from last month’s forecast. Export growth is seen at 6.1% in 2019.
Author: Javier Colato, Economist