Colombia's trade deficit widened to USD 1.65 billion in August 2019 from USD 0.90 billion in the corresponding month of the previous year. It was the largest trade gap since November 2015, as exports fell 11.6 percent over a year earlier to USD 3.26 billion, mostly due to lower sales of fuels & mining products (-21.3 percent), namely petroleum, petroleum products & related (-16.7 percent); and manufactured goods (-4.3 percent), of which chemical products (-9.9 percent). Meantime, imports increased 7.3 percent to USD 4.91 billion, driven by higher purchases of fuels & mining products (63.3 percent), in particular crude oil (100.7 percent); agricultural products, food & beverages (16.6 percent), led by food & live animals (28.1 percent); and other sectors (0.1 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.
Balance of Trade in Colombia is expected to be 0.80 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 -0.50 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.