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Related: About this forumColombia's Trade Deficit Is Ballooning
Colombia's Trade Deficit Is Ballooning
Portia Crowe
Dec. 4, 2014, 6:13 PM
The oil crash will hit Colombia hard.
The South American country was already in trouble before last months sudden drop in oil prices: as of September, the trade deficit had exploded to $449.6 million this year, up from $66.2 million in that period last year, Reuters reported.
Thats an expansion of 579 percent, all other things being equal.
Oil exports are Colombias number one source of foreign exchange, according to Reuters. It's the fourth-largest oil producer in the region, the Financial Times reported, and crude makes up more than half of the countrys exports.
So the crash is likely to have harmful long-term effects.
More:
http://www.businessinsider.com/colombias-trade-deficit-is-ballooning-2014-12#ixzz3KynvqsJ7
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