New figures from Colombia’s government statistics agency, DANE, showed a 9% increase in imports during the first two months of 2013 as compared to the same period last year.
Despite the 9% increase, DANE reported that the country spent 0.7% less on imports in February than they did in February 2012.
The rise in January and February is attributed to the buying of foreign manufactured goods, which increased by 7.9%.
Manufactured goods accounted for 75.7% of all imports to Colombia in January and February this year, where as 12.9% came in the form of fuel and raw materials and 11.2% from agricultural products, food and beverages. The remaining 0.1% consisted of products from other sectors.
DANE recently reported a fall in exports in the first two months of the year as the Colombian government struggles to keep the peso from strengthening to allow Colombia’s economy to compete in the international marketplace.
President Juan Manuel Santos on Monday announced a new economic stimulus plan which includes measures aimed at keeping the value of the peso down and cutting costs for industries to allow competitive production.
Source: Colombia Reports