Colombia: Exports grow at fastest pace in over four years in November
December 29, 2016
In November, exports grew a massive 12.6% from the same month of the previous year, which contrasted the 3.8% contraction recorded in October and represented the largest monthly gain since October 2012. Colombia’s exports had declined every month since November 2014—except for in August 2016—as the result of the collapse in global oil prices.
According to the National Statistical Office (DANE), November’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 20.0% in October (the most recent month for which data are available), a more severe decline than September’s 12.0% contraction. The trade deficit totaled USD 0.8 billion in October, which was smaller than the USD 1.5 billion gap registered in the same month of the previous year.
Author: Luis Lopez Vivas, Economist