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.