Colombia: Exports contract in March following a sharp rebound in February
May 7, 2019
Exports contracted 0.8% over the same month of the previous year in March, contrasting a 6.2% year-on-year rebound in February. March’s reading was underpinned by a notably sharp decline in the exports of manufacturing goods and a mild drop in the overseas sales of farming, food and beverages products; both grew robustly in the previous month. Moreover, exports of fuels and products of extractive industries lost considerable steam from the previous month, growing weakly.
In February—the latest month for which data is available—imports grew 7.9% over the same month of the previous year. This was down from a 10.2% year-on-year expansion in January. February’s print reflects a notable slowdown in the purchase of fuels and products of extractive industries from abroad, along with a moderation in the growth of manufacturing imports. These more than offset an acceleration in the imports of agricultural output.
Meanwhile, the trade deficit shrank markedly to USD 581 million in annual terms in February, from a USD 1.02 billion shortfall in January. However, it was still larger than the USD 489 million logged in the same month of last year.
Author: Nihad Ahmed, Economist