The trade gap in Latvia increased to EUR 349.1 million in September of 2018 from EUR 209.4 million in the same month of the previous year. Imports went up 0.3 percent to EUR 1,383.6 million, boosted by higher purchases of mineral fuels, mineral oils and products of their distillation (24.2 percent); machinery and mechanical appliances (10.3 percent) and electrical machinery and equipment (8.1 percent). The major import partners were Lithuania (17.2 percent of total imports), Germany (9.4 percent), Poland (8.2 percent) and Estonia (6.8 percent). Additionally, exports fell 1 percent to EUR 1,034.5 million, dragged down by lower sale of electrical machinery and equipment (-4.8 percent) and machinery and mechanical appliances (-8.9 percent); while shipments of wood and articles of wood; wood charcoal rose 17.2 percent. Main export partners were Lithuania (15.6 percent of total exports), Estonia (10.7 percent), Germany (7.4 percent) and Sweden (7.1 percent). Balance of Trade in Latvia averaged -167.36 EUR Million from 1993 until 2018, reaching an all time high of 40.10 EUR Million in February of 1993 and a record low of -557.10 EUR Million in July of 2007.
Balance of Trade in Latvia 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 Latvia to stand at -228.02 in 12 months time. In the long-term, the Latvia Balance of Trade is projected to trend around -210.00 EUR Million in 2020, according to our econometric models.