Colombia's trade deficit widened to USD 1.9 billion in November 2019 from USD 1.1 billion in the corresponding month of the previous year. It was the largest trade deficit since July 2015, as exports declined 13.6 percent from a year earlier to USD 2.89 billion, due to lower sales of fuels & mining products (-25.3 percent), namely petroleum, petroleum products & related (-22.5 percent); and manufactured products (-4.5 percent), of which chemicals (-15.3 percent). Meantime, imports increased 6.3 percent to USD 4.76 billion, boosted by higher purchases of manufactured goods (1.2 percent), in particular machinery & transport equipment (10.4 percent); agricultural products, food & beverages (2 percent), mainly food & live animals (11.4 percent); and fuels & mining products (61.9 percent), of which petroleum products & related (93.8 percent). Balance of Trade in Colombia averaged -0.20 USD Billion from 1980 until 2019, reaching an all time high of 0.81 USD Billion in December of 2011 and a record low of -1.97 USD Billion in January of 2015. source: Dane, Colombia
Balance of Trade in Colombia is expected to be -0.60 USD Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Colombia to stand at 1.20 in 12 months time. In the long-term, the Colombia Balance of Trade is projected to trend around 0.20 USD Billion in 2020, according to our econometric models.