Colombia Posts Trade Deficit for the Second Straight Month

In October of 2013, Colombian trade balance turned into a deficit of USD 0.5 billion, from USD -0.3 billion in the previous month and a surplus of USD 0.23 billion last year. While exports recorded the second highest annual drop this year, imports from the US surged 20.5 percent.

Exports fell 11 percent year-on-year to 4.83 billion USD, from 5.43 billion USD a year earlier. Shipments of oil and mining shrank 10.6 percent, while sales of gold fell 60 percent. Exports of agricultural products declined 4.5 percent on the year, mainly due to lower sales of sugar (-48.8 percent) and bananas (-21.6 percent). In contrast, shipments of manufactured products rose 1.7 percent yoy, boosted by higher sales of chemical products (67.4 percent yoy) and pharmaceuticals (28.4 percent yoy). Crude oil sales went increased 1 percent.

While exports to Panama, Hong Kong, Netherlands and the US decreased, shipments to Brazil and India rose.

Imports expanded 2.1 percent in October to 5.34 billion USD, mainly due to higher purchases of oil and mining products (16.7 percent) and manufacturing (0.9 percent).

Colombia Posts Trade Deficit for the Second Straight Month

Joana Taborda |
12/17/2013 12:23:07 PM