Panama's trade deficit increased to PAB 1091.1 million in November 2018 from PAB 1045.7 million in the same month of the previous year. Imports surged 4.1 percent to PAB 1138.9 million, boosted by purchases of consumption goods (7.8 percent) and intermediate goods (1.9 percent). On the other hand, imports fell for capital goods (-0.9 percent), namely equipment for agriculture (-34.1 percent) and construction (-19.8 percent). Meantime, exports fell 1.3 percent to PAB 47.8 million, mainly dragged down by lower shipments of fish (-17.6 percent); shrimp (-33.1 percent); wood (-38.5 percent); clothing (-62.5 percent); coffee (-43.1 percent) and sugar (-51.7 percent). In contrast, overseas sales jumped for fish oil (93.8 percent) and other sea products (195 percent). Balance of Trade in Panama averaged -704136.80 PAB Thousand from 2003 until 2018, 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 -1018500.00 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 -1000000.00 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.