Due to the effects of the coronavirus pandemic, the poverty rate in Colombia rose by 6.9% in 2020, revealed the National Association of Financial Institutions (Anif). Last year, 3.6 million people became poor, increasing the poverty rate from 35.7% to 42.6% between 2019 and 2020. It means that 21 million Colombians live with less than $90 (Co$ 333,000) per month, said Anif.
The Central Oil Pipeline company (Ocensa), a subsidiary of Ecopetrol Group, inaugurated an offshore platform to load crude oil. It is located twelve miles from the Coveñas oil maritime terminal and will strengthen exports to North America, Europe, Africa, Asia, Central and South America. It has a loading capacity between 50,000 and 60,000 barrels per hour and weighs about 300 tons
After most political parties in Congress dismissed the Government tax bill reform, the Government has changed its proposal to reach a consensus. The Ministry of Finance announced the first revision to the original project, lowering expected revenues from $6.1 billion (Co$ 23.4 trillion) to between $5.3 (Co$20 trillion) and $4.8 (Co$18 trillion). It also informed that tax on public services will no longer be in the new bill.
International sales of Colombian meat and cattle increased twofold in the first two months of this year compared to 2021. While last year exports totalled 16.1 million, this year they rose to $33 million. Meat exports reached 8,635 tons and heads of cattle 51,216, informed Fedegan. Egypt was the biggest buyer of meat with 1,695 tons ($ 5.2 million), followed by Lebanon, 1,196 tons ($ 5.1 million); Hong Kong, 1,165 tons ($ 5.2 million) and Chile, 1,056 tons ($ 5 million).
The Ministry of Agriculture announced two cocoa plantation programs in Colombia. With $2 million (Co$ 7. 5 billion), the first one seeks to directly support the renovation of 4,000 hectares of cocoa. The second one, with $3.5 million, aims to fund credit lines for renovation. These programs will be carried out in collaboration with the national federation of cocoa growers (Fedecacao). Today, Colombia produces 63,416 tons of cocoa in 188,000 hectares, benefiting 52,000 families in 422 municipalities.
Yesterday, the Colombian peso (COP) exchange weakened by 1% after falling 1.7% on Monday. Yesterday it broke through its 200-day moving average at 3,660 COP per 1 USD. The failed tax reformed passed to Congress last week mostly explains this recent devaluation. Source: Portafolio
After four years of audits, the multinational coal producer Drummond was certified in Colombia as an authorized economic operator (AEO) by the national tax and customs agency (DIAN) and the Anti-Narcotics Police. This certification is led by the World Customs Organization (WCO) and seeks an agile, transparent and safe trade. According to Drummond, it will … Continue reading Drummond is certified as an authorised economic operator (AEO) in Colombia
In the first quarter of 2021, Empresas Públicas de Medellín's (EPM) year-on-year operating revenue increased by 18% to $1.5 billion (Co$ 5.6 trillion). Net income totalled $230 million (Co$856 billion) and infrastructure investment $322 million (Co$ 1.2 billion) in the same period. According to EPM, higher commercial operations from its water dam portfolio contributed to this result.
The local market price for parchment-type coffee reached a new all-time high of $351 (Co$ 1.3 million) per load of 125 kilos, informed the National Federation of Coffee Growers. In March 2021, coffee production increased by 30% to 1.05 million bags, compared to the same month in 2020.
In 2020 home appliances sales increased by $188 million (Co$ 700 billion) to $ 892 million (Co$ 3.3 trillion), revealed Euromonitor International. Three local manufactures led local sales: Haceb (31.4%), Mabe (22.1%), and Challenger (9.7%). By 2025 sales are projected to rise to $ 1,011 bn (Co$ 3.7 billion).