Colombia’s total export value climbed 19.2% year-on-year in May to $5.19 billion, driven by strong precious metals performance that masked a significant contraction in crude oil shipments.
The divergence between value and volume underscores the growing importance of non-energy commodities in the country’s trade balance.
1% by volume during the same period, reflecting ongoing production challenges and logistical constraints within the sector.
Crude oil exports fell 18.1% by volume during the same period, reflecting ongoing production challenges and logistical constraints within the sector.
The decline in physical oil shipments was more than compensated for by higher gold exports, which benefited from elevated global precious metal prices.
This shift suggests a structural change in the composition of Colombia’s export earnings, reducing reliance on hydrocarbon volumes.
The data, reported by The Rio Times citing figures from the national statistics agency DANE, arrives amid broader concerns about Colombia’s energy sector.