Lithuania's trade deficit widened to EUR 470.4 million in May of 2019 from EUR 356.8 million in the corresponding month of the previous year. This was the largest trade gap since April 2008, as exports rose less than imports. Imports rose 9.3 percent year-on-year to EUR 2,951.8 million, boosted by higher purchases of crude oil (24.2 percent); ground vehicles (15.6 percent); fertilizer (2.4 percent) and other mineral products (6.7 percent). Exports increased at a softer 5.8 percent to EUR 2,481.4 million, driven by sales of ground vehicles (21.3 percent); cereal (2.1 percent); other mineral products (6.8 percent) and furniture (13.1 percent). Considering the first five months of the year, the trade balance recorded a EUR 1,208.5 million deficit, compared with a EUR 1,333.4 million gap in the same period of 2018. Balance of Trade in Lithuania averaged -196.24 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.