Analytics, Export, Foreign trade , Lithuania, Statistics

International Internet Magazine. Baltic States news & analytics Tuesday, 21.05.2019, 04:22

Growth in exports of services has remained robust in Lithuania

BC, Vilnius, 03.01.2019.Print version
The Bank of Lithuania and Statistics Lithuania are publishing the indicators of exports and imports of services for Q3 2018, broken down by country and type of service. The data shows that in Q3 2018 exports of services amounted to €2.7 bn, imports of services – €1.5 bn, while the surplus on the balance of services accounted for €1.1 bn or 9.5% of GDP (see Chart 1).

In Q3 2018, the surplus on the balance of services increased by €236.2 mln, or 26.2% year on year; this was due to growth in exports of services which outpaced growth in import of services – 20.2% and 16.1% respectively. During the quarter, year on year, the strongest growth was recorded in exports of financial services (33.2%) and imports of construction services (3.8 times) (see Table). 

Transport services comprised the main bulk of exports and imports of services (58.7% and 53.2% respectively). In Q3 2018, the largest surplus (€556.9 mln) was recorded on the balance of road transport services, while the largest deficit (€70.0 mln) – on the balance of sea transport services. 

Exports of services to EU countries made up 64.9% of total exports of services, to CIS countries – 19.8%. Imports of services from EU countries accounted for 63.4% of total imports of services, from CIS countries – 19.7%. 

In Q3 2018, exports of services to EU countries grew by 20.7%, to CIS countries – 12.1% year on year. Over the year, imports of services from EU countries rose 14.9%, from CIS countries – 11.4%. 

Germany was Lithuania’s major partner in exports of services in Q3 2018. The volume of exports to this country expanded by 29.5% over the year. Exports of services to Russia – second in terms of export volumes – rose by 4.1% (see Chart 2). 

The largest share of total exports of services to Germany was comprised of transport (72.9%) and travel (9.1%) services, to Russia – transport (62.9%) and travel (31.4%) services. 

In the reference period, the major partner in imports of services was Belarus (see Chart 3). 

Over the year, the volume of imports from this country expanded by 7.8%, from Poland (second major partner) – 18.4%. The composition of services imported from Belarus and Poland remained unchanged. The largest share of imports of services from Belarus consisted of transportation and travel services (72.0% and 22.5% respectively), from Poland – 61.5% and 26.2% respectively.

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