Background Note
In 2001, Colombia's merchandise exports (customs basis) amounted to $12.8 billion and merchandise imports (freight-on-board basis) added up to $12.3 billion. Colombia's natural markets were the Andean countries, Central America and the United States. During the first 11 months of 2002, the value of exports (customs basis) was about $11 billion, roughly 4% lower than in the corresponding period of 2001. The value of imports (cif basis) reached $11.7 billion, implying a 1.6% fall over the year. The current-account deficit was $1.8 billion, or 2.1% of GDP, in 2001...
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