Colombian exports fell 14% YoY in November; coffee displaces coal

The value of Colombia’s exports fell 14.1% year-on-year in November, dragged down by the two main generators of foreign currency in the country, oil and coal, data from the National Statistics Department (DANE) revealed. The contraction moderated compared to October, when the value of the South American country’s goods and services purchased abroad fell 21% year-on-year.
Exports of oil and its derivatives fell 40.2% in November to $ 724.8 million, while in volume they fell 11.8% compared to the same month of the previous year. Foreign coal sales plummeted 51.8% year-on-year to $ 151 million and were displaced by coffee exports, which rose 16.8% to $ 220.9 million. In the accumulated between January and November, the value of exports of the fourth Latin American economy fell by 22.5% compared to the same period in 2019.

Source: Reuters