Lithuania's trade deficit narrowed sharply to EUR 29.8 million in June of 2019 from EUR 135.9 million in the corresponding month of the previous year. This was the smallest trade gap since June 2013, when trade balance a posted surplus of EUR 18.5 million as exports fell less than imports. Imports dropped 6.2 percent year-on-year to EUR 2,447.8 million, dragged down by lower purchases of iron and steel (-29.4%), crude oil (-12.5%), machinery and mechanical appliances and parts thereof (-9.5%). Exports decreased at a softer 2.3 percent to EUR 2,417.7 million, led by sales of various chemical products (-25.1%); tobacco and manufactured tobacco substitutes (-23.9%); machinery and mechanical appliances and parts thereof (-6.4%), and mineral products (-5.4%). Considering the first half of the year, the trade balance recorded a EUR 1,247.6 million deficit, compared with a EUR 1,469.3 million gap in the same period of 2018. Balance of Trade in Lithuania averaged -196.60 EUR Million from 1994 until 2019, reaching an all time high of 69.20 EUR Million in August of 1994 and a record low of -597.50 EUR Million in March of 2008.
Balance of Trade in Lithuania is expected to be -320.00 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 Lithuania to stand at 60.00 in 12 months time. In the long-term, the Lithuania Balance of Trade is projected to trend around -200.00 EUR Million in 2020, according to our econometric models.