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Colombian exports decrease 35 percent in 2015 due to oil price drop

Xinhua, February 5, 2016 Adjust font size:

Colombia's exports decreased by a whopping 34.9 percent in 2015, the El Tiempo daily network reported on Thursday citing government data.

The decline is mainly attributed to the reduction in foreign sales of fuel products, including oil and all petroleum derivatives, resulting from a 47-percent drop in international oil prices, a report from the National Statistic Department revealed.

The official report showed that Colombian exports recorded a decline from nearly 54.8 billion U.S. dollars in 2014 to just under 35.7 billion U.S. dollars in 2015.

The report also pointed out that export of industrial goods dropped by 11 percent and that of agricultural products, food and beverages fell by 5.6 percent.

Meanwhile, the International Monetary Fund estimated in January that the Colombian economy will grow 2.7 percent in 2016, an optimistic scenario given that growth in the region is expected to decelerate 0.3 percent compared to 2015. Endi