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.