Colombia's trade deficit increased to USD 0.5 billion in September of 2018 from USD 0.4 billion in September 2017. Imports soared 8.4 percent to USD 4.05 billion, boosted by purchases of manufactured products (11.3%), namely machinery and transport equipment (13.3%) and agricultural products (2.4%), mostly non-edible raw materials, except fuels (25.7%). In contrast, imports fell for fuels and related products (-6.1%), of which non-ferrous metals (-20.1%). Meantime, exports rose 3.8 percent to USD 3.50 billion, led by sales of fuels and mining products (12.3%), of which oil, petroleum products and related (55.8%). Also, shipments of manufactured products rebounded (1.5% vs -0.4%), namely manufactured goods classified chiefly (16.1%) while those of agricultural products, food and beverages slipped (-17.9%). Considering the January to September period, exports grew 13.7 percent and imports advanced 8.4 percent over a year ago. 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 0.45 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 -0.64 in 12 months time. In the long-term, the Colombia Balance of Trade is projected to trend around -0.60 USD Billion in 2020, according to our econometric models.