Although there has been no signifcant growth in domestic prodution, national producers chose to sell gold directly, rather than to the Central Bank. Registered exports of emeralds rose substantially due to recovery in the exchange rate and the demand for precious stones. Yet, some emerald dealers say export figures may be overestimated, as there is no way to calculate reimports and re-exports. Signifcant increases in international prices for some of these products were contributing factors. Nevertheless, performance was not consistent and growth rates for several major products were negative or close to zero.
Oil is an example.
However, mining continues to account for a limitaed share of total exports. Growth rates for industrial exports during the same period were not particularly high. Coffee products also performed well during 1991-1994. This also had a positive effect on coffee derivatives. Another sector registering high growth rates during 1991-1994 was the automotive industry.