Colombia: Exports growth accelerates in March
May 3, 2017
In March, exports grew a staggering 37.9% from the same month of the previous year, which followed a 15.8% expansion recorded in February. The strong performances recorded in recent months largely reflect a favorable base effect, as exports had dropped dramatically last year due to low oil prices.
According to the National Statistical Office (DANE), March’s result mainly reflected an increase in the value of hydrocarbon exports—which make up around half of the total value of exports. Agricultural exports also contributed to this month’s print, albeit on a much smaller scale.
Imports grew 5.4% annually in February (the most recent month for which data is available), marking the second increase since February 2015. The trade deficit totaled USD 0.82 billion in February, which was smaller than the USD 1.0 billion gap registered in the same month of last year.
Author: Luis Lopez Vivas, Economist