Colombia’s trade deficit widened to USD 0.96 billion in March 2019 from USD 0.54 billion in the same month of the previous year. Exports fell 0.8 percent year-on-year to USD 3.34 billion, mainly due to lower sales of agricultural goods, food & beverages (-1.4 percent), namely unroasted coffee & coffee husk (-5.1 percent); and manufactured products (-9.1 percent), mostly machinery & transport equipment (-27.3 percent). Imports increased 10.1 percent to USD 4.30 billion, driven by higher purchases of manufactured products (11.3 percent), namely machinery & transport equipment (20.2 percent), and chemicals (4.5 percent); and fuels & related products (2.8 percent), of which petroleum products & related (33.4 percent). Considering the first quarter of 2019, the country posted a USD 2.97 billion gap compared to a USD 1.76 shortfall in the same period of 2018. Balance of Trade in Colombia averaged -0.19 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.
Balance of Trade in Colombia is expected to be -0.22 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 -0.60 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.