As the US has scaled back its oil imports, Colombia has scrambled to sell its crude to markets in Asia and Europe. One top customer is India, which edged out China to became Colombia’s second-ranked export market by value in January and March of this year … and third-ranked in first-quarter 2014.
The Colombia-India trade data confirms that India’s rapid rise as a Colombian export market has been on the strength of its crude oil purchases.
The changing trade relationship is part of the much more extensive “redrawing of the global oil map” outlined in the International Energy Agency Medium-Term Oil Market Report, released in June. Among other shifts in trade flows, the IEA expects westbound trans-Pacific trade to rise through 2019 as Asian refiners import more feedstock from South America.
To see more trade data on Colombia, or any of the other Americas, just ask us.