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International Internet Magazine. Baltic States news & analytics Saturday, 28.11.2020, 04:16

Russia remains Lithuania's key export partner amid fall in exports to other markets

BC, Vilnius, 14.10.2016.Print version
Despite a decline in exports to Russia, the country remains Lithuania's key export partner amid falling exports to other markets, SEB Bankas' economist Gitanas Nauseda said LETA/BNS on Friday.

"I said some time ago that Russia would not be Lithuania's main export partner in 2016, but this is not we see now.  This happened because exports to other markets declined as well," he said while presenting SEB Bankas' latest macroeconomic report.

"Exports to many markets decreased due to falling export prices for oil products, food products, dairy products and fertilizers, and we have a situation where the decrease in exports to Russia was not as steep as that in exports to other markets," he said. 

In Nauseda's words, with re-exports, which are not subject to sanctions, dominating the overall structure of exports to Russia, a fall in the export of Lithuanian-origin goods to that country has not had a significant impact.

SEB Bankas forecasts that Lithuania's annual exports will drop by 2% this year before growing by 4% t in 2017 and 5  t in 2018.

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