Macedonia's trade deficit widened to USD 165.4 million in February 2019 from USD 145.0 million in the same month of the previous year. Imports rose 7.5 percent year-on-year to USD 766.4 million and exports increased 5.8 percent to USD 601.0 million. Considering the first two months of the year, the trade gap rose to USD 341.7 million from USD 313.9 million in the same period of 2018, as sales fell 1 percent to USD 1,075 million driven by chemicals & related products (-10.3%); miscellaneous goods & services (-12.5%); crude materials inedible except fuels (-6.1%) and beverages & tobacco (-19.6 %). Among major trading partners, exports dropped to Germany (-6.7%), Greece (-26.2%) and Serbia (-12.4%). Purchases went up 1.3 percent to USD 1,416.7 million, namely chemicals & related products (19.7%); crude materials inedible except fuels (24.6%), beverages & tobacco (18.4%) and mineral fuels & lubricants (15.5%). Imports advanced from Italy (1.9%), Turkey (5.2%) and Poland (23.4%). Balance of Trade in Macedonia averaged -163424.10 USD Thousands from 1994 until 2019, 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 -148000.00 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 -234000.00 in 12 months time. In the long-term, the Macedonia Balance of Trade is projected to trend around -230000.00 USD Thousands in 2020, according to our econometric models.