Colombia: Export growth moderates in November
January 3, 2019
According to the National Department of Administrative Statistics (DANE), export growth moderated in November. Exports grew 7.9% over the same month of the previous year in November, after expanding 15.8% year-on-year in October. Overseas sales of fuels and products of extractive industries saw a double-digit rise in November, while exports of manufacturing output, and farming, food and beverages declined in the month.
In October—the latest month for which data is available—imports soared. Import growth shot up to 31.6 year-on-year, up from 8.7% in September. October’s print reflected a robust rise across the main sub-components: Imports of manufacturing goods, and fuels and products of extractive industries rose by more than 30% in the month, while imports of farming, food and beverages increased at a strong but more moderate pace.
In annual terms, the trade deficit widened considerably to USD 1.16 billion in October from USD 489 million in the same month of last year. Moreover, October’s deficit was also notably larger than the USD 361 million recorded in September.
Author: Nihad Ahmed, Economist