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Briefing

Colombia: External Accounts

Appears in: Latin America, Macroeconomy, Colombia, Current Account, International Trade and Globalization, Trade and External Balance

Critical Issues

Background:

Andean current accounts were highly affected by the global economic crisis, as trade volumes shrunk due to a strong collapse in exports. and a similar decline in imports (sometimes even sharper), which palliated the negative effect of a weak external demand. In 2010, while the global economic recovery has benefitted Andean exports, domestic demand growth helped the recovery in imports. Looking into 2011, the slow recovery of the global economy will be the main drag in the performance of exports. Alongside, appreciated exchange rates are weighting on exporters, which have turned eyes to the monetary authorities for aid with the competitiveness of the sector.  Imports, on the other hand, may also see moderation, as the rapid domestic recovery cools in the absence of excessive economic stimulus and the fading of favorable base effects.

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Associated Readings

News Wall Street Journal Mercedes Alvaro Jun 05, 2009 Ecuador Jan-April Trade Deficit $799M Vs Surplus $1.4B Yr Earlier Analysis BNP Paribas Jun 05, 2009 Colombia: March trade balance resulted in a USD 197.2mn surplus with exports falling 9.3% Analysis Citigroup Jun 02, 2009 News in Brief: (Peru: the current account posted a deficit of 1.7% of GDP in Q1 2009) Analysis Citigroup Munir Jalil and Camilo Gonzales May 14, 2009 Colombia: Fundamentals Support Current COP Valuation Analysis BNP Paribas Apr 16, 2009 Colombia: Uribe and Chavez unblock Colombian exports of cars to Venezuela Analysis Wall Street Journal Apr 09, 2009 Analysis BNP Paribas Apr 09, 2009 PERU: The trade balance for February resulted in a USD 251.2mn surplus News Wall Street Journal Mercedes Alvaro Apr 08, 2009 Ecuador Jan-Feb Trade Deficit $681M Vs Surplus $880M Yr Ago News Reuters Nelson Bocanegra Apr 06, 2009 UPDATE 1-Colombia says Jan exports down 13.2 pct vs Jan '08 News Wall Street Journal Diana Delgado Mar 30, 2009 UPDATE: Colombia's 2008 Current Acct Deficit At 2.8% Of GDP News Washington Post Juan Forero Mar 26, 2009 Ecuador's Protectionist Response to Global Crisis Helps Some, Worries Others

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