Colombia: Exports continue to surge
February 27, 2012
Exports rose a robust 43.1% in annual terms to USD 5.5 billion in December, which was below the 50.5% expansion recorded in the previous month. Thus, exports increased at a double-digit rate for the 17th consecutive month, mainly driven by stronger shipments of fuels and mineral oils. Meanwhile, imports expanded a milder 13.1% in December (November: +33.1% year-on-year) to USD 4.5 billion. As a result, the trade surplus jumped from USD 94.3 million in November to USD 996.8 million in December, the largest monthly surplus in a decade. For the full year 2011, exports amounted to USD 56.9 billion, which represented a 43.0% increase over the USD 39.8 billion recorded in 2010. According to the government, the figure puts Colombia in third place worldwide in terms of export growth. As a result of the strong growth in exports, the trade balance recorded a USD 2.1 billion surplus, the largest in two decades.