Colombia: Exports contract for 22nd consecutive month in July
September 2, 2016
In July, exports shrank 27.3% over the same month last year, which was a more severe contraction than June’s 15.4% drop. July’s print comes as a major disappointment; though exports have been declining uninterruptedly since October 2014, the contraction had been easing steadily since March. According to the National Statistical Office (DANE), the result was largely driven by a decrease in the value of exported hydrocarbons—which make up nearly half of the total value of exports—as well as a drop in manufactured goods.
Imports declined 12.6% in June (the most recent month for which data are available), which was less severe than May’s 19.0% contraction. The trade balance recorded a USD 810 million deficit in June, which was smaller than the USD 821 million deficit registered in the same month last year.
Author: Luis Lopez Vivas, Economist