Colombia's trade deficit widened to USD 1.24 billion in January 2019 from USD 0.57 billion in the corresponding month of the previous year. Exports dropped 7.8 percent year-on-year to USD 3.06 billion in January, as sales fell for agricultural goods, food and beverages dropped (-6.0 percent), namely flowers and cut foliage (-12.5 percent); and fuels & mining products (-17.5 percent), mainly coal, coke & briquettes (-31.9 percent). Meantime, imports rose 10.4 percent to USD 4.30 billion in January 2019, boosted by higher purchases of manufactured products (8.6 percent), mainly machinery and transport equipment (10.9 percent). Also, purchases increased for agricultural products, food and beverages (8.9 percent), namely food products and live animals (19.5 percent); fuels and related products (28.7 percent), of which petroleum products and related (27.3 percent); and other sectors (8.1 percent). Balance of Trade in Colombia averaged -0.18 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 -0.50 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.