Colombia: Exports contract at a slower rate in March
May 5, 2015
In March, exports shrank 22.8% over the same month last year, coming in above February’s significant 26.8% drop and marking the highest reading in five months. 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, were mainly behind March’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 March.
Imports declined 8.3% in February (the most recent month for which data are available), which contrasted January’s 0.8% expansion. The trade balance recorded a USD 1.5 billion deficit in February, which marked a deterioration from the USD 700 million deficit recorded in the same month of the previous year.
Author: Eric Denis , Economist