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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
MacedoniaMacedonia Balance of Trade fell to -390M in July 2026
FMPMonthlyReleased September 2026
Macedonia Balance of Trade fell to -390M in July 2026, released September 2026, down 27M from June's -363M reading. The reading matched the -390M consensus. Balance of Trade has now declined for 3 consecutive months. Over the past 3 months, Balance of Trade averaged -337M, vs -351.33M in the prior 3-month window. The reading is in the 15th percentile of the trailing 24-month range.
Latest Release
-390
Actual
-390
Consensus
-363
Previous
Median Absolute Error
±58.46 million
across last 12 releases
Last Call
Sep 2026
Predicted: -378.5
Actual: -390
Error: +11.5
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/USD | ▼ Inverse | −0.56 | FOREX | Moves against | → View |
| GBP/USD | ▼ Inverse | −0.51 | FOREX | Moves against | → View |
| XAU/USD | ▼ Inverse | −0.38 | COMMODITIES | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Balance of Trade (Macedonia) was reported at -390.00 million in September 2026. This matched the market consensus of -390.00 million exactly. The reading fell from the previous value of -363.00 million. Trailing 12-month context per ETL data through September 2026. Over the past 12 months, the indicator has averaged -344.90 million, ranging from -439.00 million to -295.00 million across 10 releases.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged -354.67 million, down from the prior three at -347.67 million. Volatility over the past year (σ 48.44 million) is comparable than the prior year (σ 50.61 million). In September readings over the past 3 years, Balance of Trade has averaged -365.27 million.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with EUR/USD (Bearish EUR). A secondary relationship exists with GBP/USD, negatively correlated (Bearish GBP). Over the last 12 releases, the Sigmacast model's median absolute error is 58.46 million.
WHAT TO WATCH NEXT
The next release is scheduled for October 5, 2026.
Auto-generated from current model state · Refreshes on each release · Last update September 2026.
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Balance of Trade - MK
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About Balance of Trade — Macedonia
DEFINITION
The Balance of Trade is a financial indicator that measures the difference between a country's exports and imports of goods and services. It is an important measure of a country's economic health and can indicate whether a country is running a trade surplus or deficit. A positive balance of trade indicates that a country is exporting more than it is importing, while a negative balance of trade suggests the opposite. This indicator is closely monitored by economists and policymakers as it can impact a country's currency value, inflation, and overall economic growth.
WHY THIS INDICATOR MATTERS
Trade-balance and tariff data inform exchange-rate fundamentals and feed directly into GDP via the net-exports channel. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2026): actual -390 M, consensus -390 M. Prior reading (Jun 2026): -363 M. Before that (May 2026): -311 M.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with EUR/USD (Bearish EUR, r=-0.56) — a useful reference for forex-focused traders.
Σ
EXPECTED ZONE
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Economic Calendar - MK Events
| Tuesday, September 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 12:00 | MK | Interest Rate Decision | 4.25 | 4.25 | 4.5 | 4.38 | Low |