Colombia: Export growth tumbles in March
April 20, 2018
According to the National Department of Administrative Statistics (DANE), the annual pace of expansion in exports deteriorated to 1.4% in March from 8.3% in February. Two of the major export groups registered faster growth, with exports of fuels and products of extractive industries growing at a double-digit rate of 13.1%, and exports of manufacturing output expanding at a solid stride of 5.5%. On the other hand, exports of farming, food and beverages contracted 19.3%, while exports in other sectors contracted by almost a third.
In February—the most recent month for which data is available—imports grew 0.1% year-on-year, a much smaller increase than the 10.2% annual expansion in January. There was a decline in two of the three main import groups, including fuels and farming, whereas imports of manufactured goods rose at a solid pace.
In annual terms, the trade deficit shrank to USD 548.4 million in February from USD 761.9 million from the same month of the previous year. A USD 389.9 million deficit was recorded in January.
Author: Nihad Ahmed, Economist