Colombia Trade Deficit Narrows in March

Colombian trade deficit decreased to USD 0.5 billion in March of 2014 from a USD 0.73 billion gap in the previous month. A year earlier, Colombia posted a USD 0.13 billion surplus.
Joana Taborda | 5/26/2014 12:19:50 PM
Exports dropped 4.5 percent year-on-year to USD 4.41 billion in March, following an 8.5 percent decrease in February. Mining sales contracted 4.2 percent due to lower oil exports. Gold sales fell sharply by 35.2 percent and manufacturing shipments decreased 2.7 percent. In contrast, coffee sales rose 21 percent and exports of sugar and bananas surged 166.6 percent and 23 percent, respectively.  

Shipments to the US contracted sharply by 46.6 percent, while sales to Panama, India and The Bahamas increased.

In March, Colombia exported 24 million oil barrels per day, 3.4 percent more than in March of 2013.

Imports expanded 9.4 percent over a year earlier to USD 4.91 billion, driven by higher fuel purchases. 

Considering the first quarter of 2014, exports contracted 4.6 percent over a year earlier while imports increased 4.2 percent.

Colombia Trade Deficit Narrows in March