Estonia's trade deficit widened to EUR 227 million in December 2018 from EUR 203.7 million in the same month last year. It was the largest trade gap since January 2017, as exports rose less than imports. Imports increased 7 percent to EUR 1.29 billion, mainly boosted by purchases of mineral products (71 pct), wood and articles of wood (16 pct), mechanical appliance (14 pct), and base metals and articles of base metal (13 pct). Imports rose mostly from Russia (52 pct), Lithuania (14 percent), and Sweden (11 pct). Exports went up at a softer 6 percent to EUR 1.07 billion, led by sales of mineral products (71 pct), mechanical appliances (12 pct), and wood and articles woods (11 pct). Among major trading partners, exports grew the most to the US (137 pct), Latvia (17 pct), and Finland (10 pct). For 2018 full year, the trade deficit edged down to EUR 1.814 billion from EUR 1.884 billion in the same period of 2017. Balance of Trade in Estonia averaged -119.55 EUR Million from 1993 until 2018, reaching an all time high of 16.52 EUR Million in February of 2010 and a record low of -411.75 EUR Million in January of 2017.
Balance of Trade in Estonia is expected to be -190.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Estonia to stand at -170.00 in 12 months time. In the long-term, the Estonia Balance of Trade is projected to trend around -70.00 EUR Million in 2020, according to our econometric models.