Colombia: Exports continue to underperform at the outset of the year
March 6, 2013
In January, exports fell 1.1% over the same month last year, which represents the third consecutive annual drop. The print, however, marked an improvement over the 11.2% decline tallied in the previous month, which resulted in the steepest contraction observed since August 2009. The monthly decline mainly reflects lower shipments of fuel and mining products as well as of food. As a result of the monthly reading, in the 12 months up to January exports grew 3.7% over the same period last year (December: +5.7% year-on-year).
Meanwhile, imports contracted 0.5% in December - the latest month for which data are available - which contrasted the 2.1% rise recorded in November. In the full year 2012, imports increased 7.2% in annual terms, which represents a sharp deterioration over the 34.4% rise witnessed in 2011. As a result, the trade balance reached a USD 452 million surplus in December, which drove the trade balance to a USD 2.0 billion surplus in 2012 (2011: USD 2.7 billion).