Colombia's trade balance shifted to a USD 0.8 billion deficit in December 2018 from a USD 0.4 billion surplus in the same month of the previous year. Exports fell 14.6 percent year-on-year to USD 3.40 billion in December, as sales dropped for fuels & mining products (-23.5 percent from 19.5 percent in November), namely coal, coke & briquettes (-39.8 percent), and petroleum & petroleum products (-10.1 percent). Meantime, imports a rose 12.3 percent to USD 4.48 billion, mainly driven by higher purchases of manufactured products (15.3 percent), namely machinery and transport equipment (21.8 percent); agricultural products, food and beverages (12.3 percent), mostly food products and live animals (11.8 percent); and fuels and related products (19 percent) dropped 0.6 percent, of which petroleum products and related (24.3 percent). Balance of Trade in Colombia averaged -0.18 USD Billion from 1980 until 2018, 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 -0.50 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.