Colombia Trade


Colombia: Exports record unprecedented drop on falling oil exports

March 5, 2015

In January, exports shrank a significant 40.2% over the same month last year, coming in below December’s 28.5% drop and marking the steepest decline on record. According to the National Statistical Office (DANE), a sizeable drop in the exports of petroleum and oil-derivatives was mainly behind January’s notable deterioration. To a much 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 January.

Imports rose 11.2% in December (the most recent month for which data are available), following November’s 6.4% expansion. The trade balance recorded a USD 1.7 billion deficit in December, contrasting the USD 337 million surplus recorded in the same month of the previous year.

LatinFocus Consensus Forecast panelists expect that exports will expand 5.6% in 2015 and 8.8% in 2016.

Author: Teresa Kersting, Economist

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Colombia Trade Chart

Colombia Exports January 2015 0

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

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