Colombia exports drop 20% on year

Colombian exports in March were 20% lower than the same month the year before, the country’s statistics agency announced Wednesday.

In March 2012, Colombia exported for $5.7 billion. By March 2013, this had dropped to $4.6 billion.

The drop was mainly due to a decreased demand for fossil fuels of which 23% less was exported than last year.

Of Colombia’s fossil fuels, crude oil was the only whose exports increased. The export of oil increased 4.7% to 22.8 million barrels.

In the first quarter of the year, exports have dropped 9.5% compared to the same period last year.

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Colombian exports dropped 20% on year in March