Colombia: Exports contract at steepest rate on record in August
October 6, 2015
In August, exports shrank 41.6% over the same month last year, coming in below July’s 40.5% drop and marking a new multi-year 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 were mainly behind August’s contraction.
Imports declined 18.3% in July (the most recent month for which data are available), which was below June’s 14.3% contraction. The trade balance recorded a USD 1.8 billion deficit in July, which was a significant deterioration from the USD 779 million deficit recorded in the same month of the previous year.
Author: Eric Denis , Economist