Colombia: Exports contract in 2013 for first time in four years
February 14, 2014
Exports expanded 6.5% over the same month of the previous year in December, which followed the 2.6% increase recorded in November. The print overshot the 2.0% rise that markets had expected and represented the largest increase in four months. According to the National Statistical Office (DANE), the improvement was due to a strong rebound in shipments of agriculture products and in shipments of fuel and mining goods. In the full year 2013, exports contracted 2.2%, which contrasted the 5.6% increase tallied in 2012 and marked the first drop in shipments in the last four years.
Imports contracted 1.8% in November (the most recent month for which data are available), which contrasted the 2.7% expansion recorded in October. The trade balance recorded a USD 99 million deficit in November, which was above the USD 318 million shortfall recorded in the same month of the previous year.
LatinFocus Consensus Forecast panelists expect that exports will expand 10.5% in 2014, before moderating to a 7.8% expansion in 2015.