Colombia: Exports contract again in February
March 7, 2015
In February, exports shrank a notable 26.8% over the same month last year, coming in above January’s significant 40.2% drop that had marked the steepest decline on record. According to the National Statistical Office (DANE), a sizeable drop in the exports of petroleum and oil-derivatives was mainly behind February’s contraction. To a lesser extent, a decline in exports of manufacturing products also contributed to the weak result. Agricultural food products was the only category that grew in February.
Imports rose 0.8% in January (the most recent month for which data are available), coming in below December’s 11.2% expansion. The trade balance recorded a USD 2.0 billion deficit in January, which was below the USD 35 million deficit recorded in the same month of the previous year.