Colombia: Exports decline for fourth consecutive month in May
July 9, 2013
In May, exports fell 2.5% over the same month last year, which represents a deterioration over the 1.2% decline seen in April. Moreover, the print, which contrasted market expectations of a 0.3% rise, marks the fourth consecutive drop. The deterioration was mainly due to a decline in shipments of agricultural, food and beverage products. As a result of the monthly drop, in the 12 months up to May exports contracted 2.6% over the same period last year (April: -2.0% yoy).
Meanwhile, imports jumped 16.5% in April - the latest month for which data are available - which contrasted the 10.3% decline recorded in March. Consequently, in the 12 months up to April, imports increased 6.3% in annual terms, which represents an acceleration over the 5.5% rise witnessed in March. As a result, the trade balance reached a USD 218 million deficit in April, which prompted the 12-month moving sum of the trade deficit to widen from USD 0.4 billion in March to USD 1.2 billion in April.
LatinFocus Consensus Forecast panellists estimate exports will expand 1.2% this year, while the trade surplus will reach USD 2.2 billion. Next year, the panel expects exports to grow 11.3%, while the trade surplus will reach USD 3.0 billion.