23 of 39 Colombian Industries Report Negative Growth in November

The National Administrative Department of Statistics (Dane) recently unveiled its monthly manufacturing survey results for November 2024. The data paints a mixed picture of Colombia’s industrial sector.

Manufacturing production dipped by 0.8%, shaving 3 percentage points off the annual variation. Out of 39 industrial activities surveyed, 23 reported negative changes.

The automotive industry took the hardest hit. Vehicle manufacturing plummeted by 24.5%. Pharmaceutical and medicinal chemical production fell by 15.2%. The basic precious and non-ferrous metals industries also struggled, dropping 13.4%.

Sales figures mirrored this downward trend. Vehicle and engine sales plunged by 33%. Travel goods manufacturing declined by 18.7%. Precious metals industries saw a 16.4% decrease.

However, some sectors bucked the trend. Vehicle body manufacturing surged by 52.4%, while coffee processing grew by 28.2%. The year-to-date figures up to October 2024 show broader economic challenges.

Real production has fallen by 2.4%. Sales have decreased by 2.2%. Employment in the sector has contracted by 0.9%. Of the 39 industrial activities surveyed, 30 show negative variations.

Regionally, Risaralda leads in production growth with a 10.4% increase. Bolívar, on the other hand, faces the steepest decline at 9.1%. Nine out of 14 surveyed departments report negative changes in real production.

Bruce Mac Master, president of the National Association of Industrialists (Andi), expressed concern over these figures. He pointed to economic uncertainty as a key factor.

The government’s push for a 2025 National Budget that may increase tax burdens has worried both citizens and businesses. Andi emphasizes the need for a growth strategy to boost economic activity and job creation.

In short, the manufacturing sector’s performance reflects broader economic challenges facing Colombia. As the country navigates these turbulent waters, the resilience of some industries offers a glimmer of hope.