Colombia Trade Deficit Narrows in November

Colombia trade balance turned into a USD 100 million deficit in November of 2013, decreasing from a USD 510 million deficit in the previous month and a USD 320 million deficit a year earlier. Exports rose 2.5 percent yoy, after falling in the previous two months.

Exports increased to USD 4.93 billion, due to higher sales of fuels and mining products (11.5 percent yoy), mainly oil. Shipments of agriculture products increased 3.6 percent, mainly coffee and sugar. In contrast, exports of manufactured goods contracted 11.3 percent, due to lower sales of iron and steel, cars and machinery. Gold shipments fell 50.8 percent.

In the first eleven months of 2013, Colombia exported 3 percent less than in the same period of the previous year, hurt by lower sales of gold. In the same period, the US was the country’s top export partner, accounting for 32.2 percent of total sales. China and India accounted for 8.4 percent and 5.3 percent, respectively.

Imports shrank 1.9 percent on the year to USD 5.03 billion. Purchases of iron and steel fell 46 percent and those of transport equipment decreased 29.9 percent. Imports from Argentina dropped the most (-68 percent). 

From January to November 2013, Colombian imports decreased 0.2 percent. Purchases of mining products fell the most (-7.9 percent).

Colombia Trade Deficit Narrows in November

Joana Taborda |
1/16/2014 3:24:11 PM