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.
Author: Luis Lopez Vivas, Economist