Colombian Exports Increased by 6.7% in November as Oil Prices Climbed

Colombian exports increased by 6.7% in November compared to the same month in 2016, according to government figures. The significant uptick in the price of oil during this period, which was the main cause of a 17.3% jump in petroleum exports in November, supported the overall growth. Manufacturing exports were a large factor as well, rising by 10.2% year-over-year.

In year-to-date terms, exports from January through the end of November were 19.6% above 2016 levels. Oil exports were up year to date by 30.1%, while gold (26.7%), agricultural and food products (12.9%), and manufactured goods (2.6%) have also been trending positively.

“This is a sign of the road to recovery,” said Colombian Minister of Commerce, Industry, and Tourism María Lorena Gutiérrez.

The ministry also noted that this was the 13th straight month that Colombian exports have increased in year-over-year terms. With crude prices rising even further in December — hitting near-two-year highs amid protests in Iran and pipeline issues in the Middle East — the final month of the year is expected to continue that trend.

Other segments showing growth in November included transportation equipment (up by 412.6%), cork and wood goods (355.3%), fertilizers (270.5%), rubber goods (124.2%), iron and steel (41.3%), furniture and related parts (27.1%), machinery and electrical appliances (24.9%), and garments and clothing accessories (3.6%).

Photo: A Hapag Lloyd container ship hauling Colombian exports and imports in Cartagena, Colombia. (Credit: Roger W)