Colombia Trade November 2016

Colombia

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.

Panelists participating in the LatinFocus Consensus Forecast expect that exports will contract 9.4% in 2017 and expand 9.0% in 2018.


Author:, Economist

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Colombia Exports November 2016

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


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