Panama’s trade deficit widened to PAB 986.2 million in February 2019 from PAB 855.7 billion in the same month of the previous year. Exports fell 11.4 percent year-on-year to PAB 52.65 million, as sales dropped for shrimps (-57.7 percent); fish (-52.2 percent); and meat (-4.7 percent). Imports rose 15.1 percent to PAB 1038.9 million, mainly due to higher purchases of consumption goods rose (20.2 percent), boosted by non-durable (23.4 percent), semi-durable (13.1 percent) and fuels & lubricants (16.2 percent). Also, purchases increased for capital goods (14.1 percent), driven by construction (0.1 percent), transport & communications (14.3 percent) and other capital goods (36 percent); and intermediate goods (7.1 percent), namely raw materials and intermediate products for agriculture (22.0 percent), for industry (1.1 percent), and construction materials (16.9 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.