Colombia Trade January 2017

Colombia

Colombia: Exports grow at fastest pace in over five years in January

March 2, 2017

In January, Colombian exports grew a massive 32.9% from the same month of the previous year, which followed the similarly impressive 32.7% expansion recorded in December and marked the largest monthly gain since November 2011. The strong performance in exports is a recent development; they had declined every month (with only one exception) from October 2014 to December 2016, as the result of the collapse in global oil prices.

According to the National Statistical Office (DANE), January’s result mainly reflected an increase in the value of hydrocarbon exports—which make up around half of the total value of exports—as well as a rise in agricultural products.

Imports fell 2.8% annually in December (the most recent month for which data are available), a slightly more pronounced decline than November’s 1.6% contraction. The trade deficit totaled USD 0.5 billion in December, which was considerably smaller than the USD 1.4 billion gap registered in the same month of the previous year.

Panelists participating in the LatinFocus Consensus Forecast expect that exports will expand 15.6% in 2017 and accelerate to an 11.4% expansion in 2018.


Author:, Economist

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Colombia Exports January 2017

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


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