Colombia: Export growth picks up markedly in June
August 2, 2018
According to the National Department of Administrative Statistics (DANE), the annual pace of expansion in exports climbed to 15.9% in June, markedly up from 5.0% in May. Exports of fuels and products of extractive industries grew at a double-digit pace and the manufacturing sector also expanded at a solid, albeit more moderate pace. On the other hand, exports of farming, food and beverages contracted again from the previous month.
In May—the latest month for which data is available—imports surged 20.9% year-on-year, marking a much bigger jump compared to the 5.1% upturn seen in April. While imports of farming and manufacturing output expanded at a double-digit pace, imports of fuels contracted.
In annual terms, the trade deficit widened to USD 637.8 in May from USD 66.0 in the same month of the previous year. May’s deficit was also larger than the USD 257.0 million deficit recorded in April.
Author: Nihad Ahmed, Economist