Chile's current account deficit widened to USD 3395 million in the third quarter of 2018 from USD 1157 million in the same period a year ago. It is the largest current account gap since the third quarter of 2013. The goods account shifted to a USD 6 million deficit from a USD 2191 million surplus, mainly due to higher imports of autos and oil prices while lower copper prices weighed down on exports.The services gap increased to USD 1098 million from USD 722 million and the primary income shortfall rose to USD 3268 million from USD 2973 million. In contrast, the secondary income surplus increased to USD 977 million from USD 347 million. Current Account in Chile averaged -485.73 USD Million from 1996 until 2018, reaching an all time high of 3256.31 USD Million in the first quarter of 2007 and a record low of -5054.86 USD Million in the third quarter of 2012.
Current Account in Chile is expected to be -400.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Chile to stand at -740.00 in 12 months time. In the long-term, the Chile Current Account is projected to trend around -700.00 USD Million in 2020, according to our econometric models.