Colombia: Export growth moderates in February
April 5, 2018
According to the National Department of Administrative Statistics (DANE), the annual pace of expansion in exports moderated from 14.6% in January to 8.3% in February. All three of the major export groups recorded solid performances, with the manufacturing sector leading the way, but there was a broad-based slowdown in annual growth. Farming, food and beverages exports lost the most steam, growing at a substantially reduced pace of 9.0% year-on-year from 27.0% in January. Exports of fuels and products of extractive industries rose 8.9% in annual terms, after a 13.2% jump in the month before. Meanwhile, exports in other sectors contracted again.
In January—the most recent month for which data is available—imports grew 10.4% year-on-year, contrasting a 10.0% contraction in December. There was a broad-based expansion in all three of the main import groups. Manufacturing and fuel imports grew at a double-digit pace, while farming grew more moderately.
In annual terms, the trade balance improved somewhat in January, with the deficit decreasing to USD 518.4 million from USD 583.3 million from the same month of the previous year. In contrast, December of last year recorded a USD 492.6 million surplus.
Author: Nihad Ahmed, Economist