Colombia: Exports swing to contraction in December
February 5, 2019
According to the National Department of Administrative Statistics (DANE), exports swung to contraction in December from expansion in the previous month. Exports declined 14.6% over the same month of the previous year in December, following a 7.9% year-on-year rise in November. A double-digit contraction in overseas sales of fuels and products of extractive industries spearheaded the drop, while exports of farming, food and beverages, and manufacturing output recorded lackluster upturns.
In November—the latest month for which data is available—imports slowed. Import growth declined to 12.3% year-on-year in November, down from 31.6% in October. November’s print reflected a swing to contraction of imports of fuels and products of extractive industries, and notably weaker growth in the imports of farming, food and beverages, and manufacturing goods.
In annual terms, the trade deficit widened to USD 920 million in November from USD 700 million in the same month of last year. Moreover, November’s deficit was markedly bigger than the USD 1.2 billion deficit recorded in October.
Author: Nihad Ahmed, Economist