Colombia Trade July 2016

Colombia

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.

Panelists participating in the LatinFocus Consensus Forecast expect that exports will contract 10.4% in 2016 and expand 11.3% in 2017.


Author:, Economist

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Colombia Exports July 2016 2

Note: Year-on-year and annual average variation in %.
Source: Colombia National Statistical Office (DANE).


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