Estonia's trade deficit widened to EUR 199 million in October 2018 from EUR 137.3 million in the same month last year. It was the largest trade gap since May, as exports rose less than imports. Imports increased 20 percent to EUR 1.56 billion, mainly boosted by purchases of mineral products (118 percent), electrical equipment (11 percent), and mechanical appliance (17 percent). Imports rose mostly from Russia (88 percent); Lithuania (33 percent), and Finland (19 percent). Exports went up at a softer 17 percent to EUR 1.36 billion, led by sales of mineral products (164.7 percent); electrical equipment (21 percent), and wood and articles woods (12 percent). Among major trading partners, exports grew the most to the US (282.4 percent), Denmark (60 percent), and Latvia (21 percent). In the first ten months of the year, the trade deficit edged up to EUR 1.62 billion from EUR 1.60 billion in the same period of 2017. Balance of Trade in Estonia averaged -119.70 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 -210.00 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 -124.44 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.