Estonia's trade deficit narrowed to EUR 56 million in November 2018 from EUR 77.8 million in the same month last year. Imports increased 15 percent to EUR 1.44 billion, mainly boosted by purchases of mineral products (98 percent), base metals and articles of base metal (22 percent), and mechanical appliance (13 percent). Imports rose mostly from Russia (85 percent); Finland (21 percent), and Lithuania (15 percent). Exports went up at a faster 18 percent to EUR 1.39 billion, led by sales of mineral products (94 percent); electrical equipment (15 percent), and wood and articles woods (15 percent). Among major trading partners, exports grew the most to Finland (10 percent), Sweden (9 percent), and Latvia (9 percent). In the first eleven months of the year, the trade deficit edged down to EUR 1.676 billion from EUR 1.680 billion in the same period of 2017. Balance of Trade in Estonia averaged -119.49 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.