Colombia: Exports continue to boom on the back of high commodity prices
July 8, 2011
In May, exports expanded 31.9% over the same month last year to reach USD 4.7 billion, which was below the 34.6% increase registered in the previous month. The May result mainly reflected solid growth in oil shipments (+91.4% year-on-year), while export growth of coal and coffee slowed. The gain in exports was mainly driven by increasing demand from Europe as well as from China and Chile. As a result of the May reading, the moving three-month sum of exports jumped to USD 14.3 billion, expanding further above the pre-crisis peak of USD 10.8 billion registered in July 2008. Meanwhile, in April, the latest month for which data are available, imports grew 32.2% year-on-year (March: +39.9% yoy). As a result, the trade surplus widened from USD 255 million in March to USD 491 million in April.