Colombia’s exports rose by 1.3% year-on-year in January to $3,745.7 million

“The figure for January contrasted with that of December when the country’s external sales decreased by 4.2% year-on-year to $4,445.3 million.

The variation in January was explained by a 15.6% increase in exports of oil and its derivatives to $1,185.3 million.

In January 2024, 15.1 million barrels of crude oil were exported, representing a growth of 22.6% compared to January 2023.

However, in the first month of this year, the value of coal exports fell by 28.9% to $646.9 million, nickel exports by 60.6% to $39.5 million, and coffee exports by 8.1% to $221.7 million, as specified by the National Administrative Department of Statistics (DANE).

This occurs in a context where several sectors of the Colombian economy are already in recession.

The private sector is experiencing an alarming state of prostration, reflected in the decline of the Gross Domestic Product (GDP), as reported by the National Administrative Department of Statistics (DANE) on February 15, and the pronounced negative growth of industry (-3.5%), commerce (-2.8%), and construction (-4.2%); precisely the sectors that generate the most employment in the country. If nothing is done, the consequences on unemployment levels will increase in the coming months.

In terms of volume, Colombian exports grew by 15.7% year-on-year in January to 8.43 million metric tons.

Colombia’s economy grew by 0.6% in 2023, and the Government expects an expansion of 1.5% for this year.

For the full year 2023, the total GDP grew by 0.6%, but if public administration is excluded, the increase was only 0.3%, with the aggravating factor that a deficit was recorded in the second, third, and fourth quarters.