The Customs Agency reports there has been a slowdown in imports and exports this year. Recent data covering January to August 2019 indicates total exports were up US$261 million or 4.1%. This was less than half the growth for the same period in 2018. Free zone exports have stagnated, with some growth reported in cigar exports. There were setbacks in jewelry, apparel and footwear exports. Gold and silver exports benefited from higher prices.
Interestingly, for the first time in years imports are down, attributed to the slowdown in the pace of economic growth. Total imports were up only 1.6%, compared to 14% in 2018. Consumer good imports grew by 5.9%, but raw materials fell by US$206 million (-4.2%) and machinery and equipment imports grew by only US$53 million (2.4%). Petrol imports were the same from January to August 2019, compared to the same period in 2018.
Customs Agency forecasts the trade balance will close with a deficit of US$7.1 billion, very similar to the level reported for January-August 2018.
Read more in Spanish:
N Digital
17 October 2019