Colombia: Export growth tumbles to six-month low in September
November 1, 2018
According to the National Department of Administrative Statistics (DANE), the annual pace of expansion in exports declined markedly to a six-month low of 3.8% in September from 13.1% in August. The sharp drop was driven by a double-digit contraction in exports of farming, food and beverages, which more than offset a rise in overseas sales of fuels and products of extractive industries, and manufacturing output.
In August—the latest month for which data is available—imports grew 9.3% year-on-year, a smaller jump than the 15.9% upturn recorded in July. The moderation in August was underpinned by a contraction in the imports of fuels and products of extractive industries, which outweighed the increase in farming, food and beverages, and manufactures.
In annual terms, the trade deficit narrowed to USD 764.8 million in August from USD 809.5 million in the same month of the previous year. However, August’s deficit was larger than the USD 529.0 million recorded in July.
Colombia Export Growth Forecast
Panelists participating in the LatinFocus Consensus Forecast project that exports will grow 6.0% in both 2019 and 2020.