Colombia: Export growth soars in October following September's six-month low
December 3, 2018
According to the National Department of Administrative Statistics (DANE), exports accelerated markedly in October. Export growth soared to 15.8% in the month, up from 3.8% in September. The notable upturn benefited from a double-digit rise in overseas sales of fuels and products of extractive industries. Manufacturing exports also rose but the increase was relatively modest. On the other hand, exports of farming, food and beverages contracted in October.
In September—the latest month for which data is available—imports lost some pace. Import growth moderated to 8.7% year-on-year, down from 9.4% in August. A notably weaker pace of expansion in imports of farming, food and beverages, along with a slight loss of pace in imports of manufacturing goods were behind the September’s moderation. While imports of fuels and products of extractive industries continued to decline, they did so at a slightly slower rate.
In annual terms, the trade deficit widened to USD 369.2 million in September from USD 186.2 million in the same month of last year. However, September’s deficit was smaller than the USD 694.7 million recorded in August.
Colombia Exports Growth Forecast
Panelists participating in the LatinFocus Consensus Forecast project that exports will grow 6.0% in 2019 and 3.3% in 2020.
Author: Nihad Ahmed, Economist