Colombia’s Imports Rose 11.2% In June From Year Earlier

Colombia’s imports rose 11.2 percent to $5.065 billion in june compared with the same month last year, the government statistics agency said today in a report on its website.

Colombia posted a $190.9 million trade deficit in June, from a $20.2 million surplus in May. 

The trade deficit was greater than the median forecast of a $100 million deficit by five analysts survbey.

Spending on imports has been boosted by a 6.6 percent appreciation in the Colombian peso this year, the third-biggest gain among 170 currencies, boosting spending on imports.

Finance Minister Juan Carlos Echeverry said yesterday that the Treasury will buy “at least” $300 million as part of the government’s effort to stem the rally, which is provoking complaints from exporters. 

Central bank board member Cesar Vallejo said earlier this week that policy makers are considering doubling the bank’s daily dollar purchases to $40 million or extending the program beyond its scheduled end in november.