Box 1: Colombia’s Non-Traditional Exports: Facts, Trends and Hypothesis
Los análisis y pronósticos incluidos en este informe son producidos por el equipo técnico del Banco. Es la base principal sobre la cual se realiza la recomendación de política monetaria a la Junta Directiva del Banco de la República (JDBR) y por estas razones no refleja necesariamente la opinión de sus miembros.
One of the consequences of the 2008 financial crisis was a generalized contraction in international trade. In the case of Colombia, export volume indexes and its annual growth rates declined between 2008 and 2009,. Although post-crisis indicators for Colombia showed an important recovery, the figures suggest average growth rates in recent periods are lower than those witnessed prior the crisis, and this sluggishness is more pronounced in the case of non-traditional exports. The pattern of this performance is similar to the one observed in the quantities exported worldwide. The general trends in Colombian exports before and after the crisis, based on export volume indexes, are outlined in this section. The exercise emphasizes in non-traditional exports and explores several possible explanations as to why they did not recover completely during the post-crisis period.
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