Colombia: Exports in June fall at the sharpest rate this year
August 2, 2019
Exports contracted 8.7% over the same month of the previous year in June, contrasting a 1.2% year-on-year rise in May. June’s reading was underpinned by an across-the-board downturn, led by a sizeable drop in manufacturing exports. Overseas sales of farming, food and beverages products, and coal, coke and briquettes also fell notably.
In May—the latest month for which data is available—imports rose 6.1% over the same month of the previous year. This marked a deceleration from the 7.1% year-on-year expansion in April, mainly due to a fall in the purchases of agricultural produce from abroad. Meanwhile, imports of fuels and products of extractive industries surged in the month, while purchases of manufacturing imports were up by a softer upturn.
Meanwhile, the trade deficit widened substantially to USD 817 million in annual terms in May compared to a USD 600 million shortfall in the same month last year. That said, it was smaller than the USD 464 million deficit registered in March.
Author: Nihad Ahmed, Economist