The trade gap in Luxembourg decreased slightly to EUR 567.7 million in November of 2018 from EUR 569.7 million in the corresponding month of the previous year. Exports climbed 4.8 percent to EUR 1,135.3 million, boosted by higher sales of manufactured goods of primary materials (+4.9 percent); machinery & equipment (+8.5 percent) and other manufactured goods, classified by material (+9.4 percent). Among major trading partners, shipments advanced to France (+4.5 percent) and Belgium (+3.5 percent). Meanwhile, imports rose 3 percent to EUR 1,703 million, mainly due to higher purchases of mineral fuels & lubricants (+25.3 percent) and chemicals & related products (+5.9 percent); while imports of machinery & equipment (-5.4 percent) and transport equipment (-2.8 percent) decreased. Purchases went up mainly from Belgium (+9.7 percent). Balance of Trade in Luxembourg averaged -0.34 EUR Billion from 1988 until 2018, reaching an all time high of -0.03 EUR Billion in May of 1989 and a record low of -1.06 EUR Billion in September of 2012.
Balance of Trade in Luxembourg is expected to be -0.67 EUR Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Luxembourg to stand at -0.78 in 12 months time. In the long-term, the Luxembourg Balance of Trade is projected to trend around -0.94 EUR Billion in 2020, according to our econometric models.