Colombia: Exports contract at a faster rate in May
July 7, 2015
In May, exports shrank 38.9% over the same month last year, coming in below April’s 25.6% drop and marking a four-month low. According to the National Statistical Office (DANE), a sizeable drop in exports of petroleum and oil-derivatives, as well as a drop in mining product exports and agricultural food products, were mainly behind May’s contraction. To a lesser extent, a decline in exports of manufacturing products also contributed to the weak result.
Imports declined 18.4% in April (the most recent month for which data are available), which was below March’s 5.7% contraction. The trade balance recorded a USD 1.0 billion deficit in April, which marked a deterioration from the USD 892 million deficit recorded in the same month of the previous year.
Author: Eric Denis , Economist