The trade gap in Latvia rose to EUR 132.4 million in November of 2018 from EUR 87.3 million in the same month of the previous year. Imports climbed 8.6% to EUR 1,300.6 million, boosted by higher purchases of machinery and mechanical appliances (2.6%); mineral fuels, mineral oils and products of their distillation (22.5%) and pharmaceutical products (22.7%). On the other hand, imports fell for electrical machinery and equipment (-1.5%) and vehicles other than railway or tramway rolling stock, and parts and accessories thereof (-12.9%). Meantime, exports grew at a softer 5.2% to EUR 1,168.2 million, led by shipments of wood and articles of wood; wood charcoal (14.8%); electrical machinery and equipment (9.2%); machinery and mechanical appliances (58.6%) and beverages, spirits and vinegar (6.8%). Balance of Trade in Latvia averaged -167.74 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 -220.00 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.