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Economy & Business - June 2021

ECONOMIC HIGHLIGHTS

COLOMBIA | Economic toll of protests comes into focus. On 9 June, Colombia’s national federation of coffee producers (FNC) announced that coffee exports experienced a 52% year-on-year fall in May, and that foreign buyers are beginning to source coffee from other countries due to holdups in the Colombian supply chain. This came as the economic impact of long-running anti-government protests – particularly of the barricades erected on key trade routes – is becoming increasingly clear. On 3 June the local think-tank, Fedesarrollo, estimated that the protests have already cost the economy between Col$4.8trn (US$1.31bn) and Col$6.1trn. Meanwhile, Colombia’s inflation figures for May also reflected the roadblocks’ impact, with prices experiencing a monthly rise of 1% at the national level, but of up to 4.5% in the country’s southeast, where protests have been most intense.

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