The trade deficit in Macedonia rose to USD 208.7 million in October of 2018 from USD 118.2 million in the same month of the previous year. Exports surged 24.8% to USD 688 million and imports jumped 22.4% to USD 896.7 million. Considering the January to September period, the trade gap widened to USD 1,755.7 million from USD 1,585.8 million in the same period of 2017. Shipments surged 23% to USD 5,734.9 million, boosted by higher sales of machinery & transport equipment (+32.9%); chemicals & related products (+21.8%) and miscellaneous manufactured article (+11.9%). Among major trading partners, exports advanced to Germany (+21.6%); Bulgaria (+12.3%) and Belgium (30%). Meanwhile, imports increased 19.9% to USD 7,490.6 million, mainly due to higher purchases of manufactured goods (+18.8%); machinery & transport equipment (+24.5%) and chemicals & related products (+22%). Imports went up faster from Germany (+18.6%); the UK (+17.8%) and Greece (+30.1%). Balance of Trade in Macedonia averaged -163094.91 USD Thousands from 1994 until 2018, reaching an all time high of -54372 USD Thousands in September of 2006 and a record low of -310800 USD Thousands in October of 2007.
Balance of Trade in Macedonia is expected to be -169000.00 USD Thousands by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Macedonia to stand at -119943.00 in 12 months time. In the long-term, the Macedonia Balance of Trade is projected to trend around -160000.00 USD Thousands in 2020, according to our econometric models.