The value of Colombia's exports rose by almost 50% in February

The value of Colombia's exports increased by 43% in February to $4,202.3 million, compared to the same month last year, driven by commodity prices, the National Statistics Department (DANE) revealed on Wednesday.

The country's sales performance remained similar to that of January, when the value grew by 44.8% year-on-year.

The behavior in February was explained by an increase in the value of oil exports from 76 per cent year-on-year to 1,420.6 million dollars, followed by coal with 26.9 per cent to 564.5 million dollars and coffee with 42.5 per cent to 370.3 million dollars, DANE said in a report.

However, in terms of volume, exports from the fourth Latin American economy contracted by 22.4% year-on-year in February to 7.83 million metric tons.

In addition to external sales of agricultural products, food and beverages were US $1,059.6 million and grew by 43.8%.

Between January and February, the value of Colombian exports accumulated an increase of 44.2% to 8,003 million dollars, while the volume fell by 8.8% to 15.8 million metric tons.

The United States was the main destination for Colombian exports with a share of 26.6%, Panama ranked second on the list. This country was followed by China, Brazil, Ecuador, Turkey and India.

The Government projects that Colombia's economy will expand by 5%, compared to the record of 10.6% it reached during 2021.

Inflation in Colombia continues to rise significantly, the indices seem to go hand in hand with the world economy and the consequences of the pandemic caused by Covid-19. According to the National Administrative Department of Statistics (Dane), for the month of March the consumer price index (CPI) had a variation of 1%, indicator that was close to double the same month in 2021, when it stood at 0.51%. In addition, inflation so far this year, that is, at the cut of the first quarter, stood at 4.36 per cent, compared to an indicator of 1.56 per cent a year ago, that is, almost three times.

This brings complications to Colombians' pockets, since the higher prices of products produce less possibility of supply and reduction in consumption. According to Dane, the monthly performance of the total CPI in March 2022 was mainly explained by the monthly variation of the food and non-alcoholic beverages and accommodation, water, electricity, gas and other fuels divisions.

In this regard, the highest price increases were recorded in the subclasses potatoes (110.22%), cassava for home consumption (85.14%), bananas (82.57%), onion (10.65%) and blackberries (9.60%). The lowest price increases were reported in the subclasses rice (0.54%), arracacha, yams and other tubers (0.83%) and concentrates for preparing soft drinks (1.55%). Added to the subclasses meals in establishments serving the table and self-service, with 0.95%; beef and derivatives, with 0.71%, and electricity, with 0.44%.

On the other hand, the largest price decreases were reported in the subclasses pork meat and derivatives (-2.34%), carrot (-1.70%) and bananas (-0.32%). Also, the subclasses with the lowest contributions were those belonging to fixed and mobile communication services and internet provision, with -0.43%; women's clothing, with -0.06%, and enrollment and enrollment in technical, technological and university careers, with -0.04%.

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