Colombia: Exports grow at fastest pace in over five years in December
February 3, 2017
In December, exports grew a massive 32.7% from the same month of the previous year, which followed the 12.6% expansion in November and represented the largest monthly gain since December 2011. Until November 2016, Colombia’s exports had declined every month since October 2014—except for in August 2016—as the result of the collapse in global oil prices.
According to the National Statistical Office (DANE), December’s result mainly reflected an increase in the value of exported agricultural products as well as a rise in hydrocarbon exports, which make up around half of the total value of exports.
Imports fell 1.6% annually in November (the most recent month for which data are available), a less severe decline than October’s 20.0% contraction. The trade deficit totaled USD 1.3 billion in November, which was smaller than the USD 1.7 billion gap registered in the same month of the previous year.
Author: Luis Lopez Vivas, Economist