Oil Prices Hit Colombia
Mainly attributed to the decrease in foreign sales of fuel products, including oil and all petroleum derivatives; Colombia’s exports dipped by a staggering 34.9 percent in the first half.
According to the latest reports, the slash in overseas sales was basically on the back of the bulldozing 47-percent deterioration in international oil prices, which had numerous negative impacts.
Additionally, exports posted a fall from nearly USD54.8 billion in 2015 to just under USD35.7 billion in 2016, and exports of industrial goods in particular plunged by 11 percent.
In the meantime, the IMF recently expected that the Colombian economy will grow 2.7pct in the 2nd half; a positive outlook given that growth in the region is projected to slow 0.3pct from 2015.
Colombia is rich in natural resources, and its main exports include mineral fuels, oils, distillation products, precious stones, forest products, pulp and paper, coffee, meat, cereals and vegetable oils, cotton, oilseed, sugars and sugar confectionery, fruit and other agricultural products, food processing, processed fish products, beverages, machinery, electronics, military products, aircraft, ships, motor vehicles, metal products, ferro-alloys, home and office material, chemicals and health related products, petrochemicals, agrochemicals, inorganic salts and acids, perfumery and cosmetics, medicaments, plastics, animal fibers, textile and fabrics, clothing and footwear, leather, construction equipment and materials, cement, software, among others.