Greece's trade deficit shrank to EUR 1.729 billion in August 2019 from EUR 1.758 billion in the same month of the previous year. Imports declined 5.0 percent to EUR 4.109 billion, as purchases from the EU fell (-12.1 percent) while those from countries outside the EU rose (2.1 percent). Exports decreased 7.3 percent to EUR 2.380 billion, as shipments to the EU slumped (-20.3 percent) while the ones to countries outside the EU grew (6.6 percent). Considering the first eight months of the year, the country's trade gap widened to EUR 14.588 billion from EUR 13.546 billion in the same period of 2018, with imports and exports rising 4.1 percent and 1.9 percent, respectively. Balance of Trade in Greece averaged -2197.78 EUR Million from 2001 until 2019, reaching an all time high of -619.80 EUR Million in July of 2015 and a record low of -4328.60 EUR Million in March of 2007.
Balance of Trade in Greece is expected to be -1610.00 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 Greece to stand at -1490.00 in 12 months time. In the long-term, the Greece Balance of Trade is projected to trend around -1510.00 EUR Million in 2020, according to our econometric models.