International Internet Magazine. Baltic States news & analytics
Sunday, 24.05.2015, 14:12
The surplus on the balances of services and secondary income (EUR 172.4 million and EUR 57.8 million) in Lithuania did not offset the deficit on the balances of foreign trade and primary income (EUR 218.8 million and EUR 109.3 million), which led to the build-up of a EUR 97.8 million current account balance (CAB) deficit in Lithuania's balance of payments, reports LETA/ELTA.
Keyword tags: Banks, Financial Services, Foreign trade , Investments, Lithuania
Provisional data of the Central Statistical Bureau (CSB) show that in March 2015 compared to February exports value of goods at current prices grew by 12.2%, but imports value of goods – by 14.2%.
According to Statistics Estonia, in March 2015, exports of goods increased by 3% and imports by 1% compared to March of the previous year. The increase in exports and imports was mostly influenced by a growth in the trade of electrical equipment and miscellaneous manufactured articles.
Bank DNB analysts say that it is clear when evaluating Lithuania's short-term export prospects that the first six months of 2015 will be the hardest. Producers who incurred losses due to harsh sanctions imposed by Russia are now reorienting towards new markets and reforming their business models, informs LETA/ELTA.
Statistics Lithuania informs that, based on non-final data obtained from customs declarations, Intrastat reporting and VAT returns data, exports in March 2015 amounted to EUR 1.9 billion (LTL 6.6 billion), imports – EUR 2.2 billion (LTL 7.5 billion).
During his meeting on Thursday with Lithuania's Minister of Agriculture Virginija Baltraitiene, the new Chinese Ambassador to Lithuania Wei Ruixing discussed export possibilities regarding dairy and meat products, as well as wheat, reports LETA/ELTA.
Latvia's exports in the first two months of the year 2015, compared to the same period last year, reduced by 2%, according to Eurostat. Thus, Latvia registered one of the smallest reductions in exports in the EU, writes LETA.