Panama’s trade deficit narrowed to PAB 956.7 million in March 2019 from PAB 1022.6 million in the corresponding month of the previous year. Imports fell 6.6 percent year-on-year to PAB 1017.3 million, mainly due to lower purchases of consumption goods (-11.4 percent), namely non-durable (-10.6 percent), semi-durable (-10.8 percent) and fuels & lubricants (-14.7 percent). Also, imports of intermediate goods dropped (-16.3 percent), of which raw materials and intermediate products for industry (-22.8 percent) and construction materials (-34.1 percent). Meanwhile, purchases increased for capital goods (11.3 percent), boosted by transport & communications (55.8 percent) and other capital goods (9.2 percent). Exports decreased 9.1 percent to PAB 60.7 million, as sales went down for bananas (-5.7 percent); fish (-40.5 percent); shrimps (-82.4 percent); and waste steel, copper & aluminium (-9.6 percent). Balance of Trade in Panama averaged -709460.36 PAB Thousand from 2003 until 2019, reaching an all time high of -164179 PAB Thousand in February of 2005 and a record low of -1274300 PAB Thousand in October of 2014.
Balance of Trade in Panama is expected to be -978000.00 PAB Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Panama to stand at -1011600.00 in 12 months time. In the long-term, the Panama Balance of Trade is projected to trend around -1035000.00 PAB Thousand in 2020, according to our econometric models.