Colombia Trade

Colombia

Colombia: Exports plummet in November on falling oil exports

January 8, 2015

Exports shrank a notable 22.6% in November over the same month of the previous year, coming in below October’s 12.6% drop. November’s print represented the steepest decline since July 2009. According to the National Statistical Office (DANE), a significant drop in the exports of petroleum exports, oil-derivatives and coal was behind November’s deterioration. To a lesser extent, a decline in exports of manufacturing products also contributed to the weak result. Agricultural food products was the only category that grew in November.

Imports rose 9.3% in October (the most recent month for which data are available), following September’s 12.5% expansion. The trade balance recorded a USD 1.6 billion deficit in October, coming in below the USD 510 million deficit recorded in the same month of the previous year.

LatinFocus Consensus Forecast panelists expect that exports will expand 0.9% in 2015 and 1.9% in 2016.


Author: Teresa Kersting, Economist

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Colombia Exports November 2014

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


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