Finland's trade deficit narrowed to EUR 60 million in November 2018 from EUR 238 million in the same month a year earlier. It was the smallest trade gap since a surplus in April, as exports rose 9 percent to EUR 5.77 billion, driven by sales of chemical forest industry products, oil, machinery and equipment, iron, steel and nickel. Among major trading partners, exports to the EU grew 9 percent, and those to non-EU countries increased 8 percent. Still, exports to the US dropped. Meanwhile, imports rose at a softer 5 percent to EUR 5.83 billion boosted by purchases of fuel, electrotechnical machinery and equipment, instruments and meters. Imports from the EU rose 2 percent, mainly from Sweden and despite a decline in purchases from Germany and the UK; and imports from non-EU countries increased 10 percent, in particular from Russia, the US and China. In January to November, the trade gap narrowed slightly to EUR 2.2 billion from EUR 2.4 billion in the same period of 2017. Balance of Trade in Finland averaged 214.98 EUR Million from 1975 until 2018, reaching an all time high of 1750 EUR Million in November of 2002 and a record low of -795 EUR Million in December of 2012.
Balance of Trade in Finland is expected to be -200.00 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 Finland to stand at 255.00 in 12 months time. In the long-term, the Finland Balance of Trade is projected to trend around 325.00 EUR Million in 2020, according to our econometric models.