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International Internet Magazine. Baltic States news & analytics Monday, 24.06.2019, 14:44

Lithuania's foreign trade deficit amounted to EUR 92 mln in August

BC, Vilnius, 14.10.2015.Print version
The Statistics Department of the Economics and Financial Stability Service at the Bank of Lithuania has published information about Lithuania's balance of payments in August. In August 2015, the country's balance of payments recorded a EUR 29 million surplus on its current account; its build-up resulted from the surplus balances of services (EUR 169.2 million) and secondary income (EUR 57 million), the Bank of Lithuania reports LETA/ELTA.

The foreign trade deficit amounted to EUR 92 million in the reference period, a decrease of EUR 116.4 million from July 2015. Export and import of goods dropped by 9.6% and 13.9% respectively. In January-August 2015, the balance of trade deficit widened by EUR 862.7 million year-on-year. Export of goods contracted by 4.5%, while import of goods boosted by 1.1 per-cent in the reference period.

 

The balance of services posted a surplus of EUR 169.2 million, increasing by EUR 29.8 million month-on-month. Compared to July, export of services increased by 1.2%, while import of services dropped by 5.8% in August 2015.

 

The total deficit on the primary income balance amounted to EUR 105.2 million in the reference period, a decrease of EUR 18.5 million month-on-month. The deficit in investment income (EUR 98.4 million), other primary income (EUR 3.8 million) and employee income (EUR 3.1 million) balances were a result of greater payments to non-residents than received inflows.

 

The balance of secondary income posted a surplus of EUR 57 million, a decrease of EUR 9.7 million month-on-month. In January-August 2015, the surplus on the secondary income balance narrowed by EUR 330.5 million, or 1.8 times year-on-year. Transfers from European Union (EU) support funds in August amounted to EUR 16.1 million, while Lithuania's calculated contributions (the Union's own resources based on VAT and gross national income) to the EU budget – EUR 20.4 million. Private individual remittances from abroad amounted to EUR 92 million, while personal transfers from Lithuania – EUR 35.9 million.

 

The surplus on the capital account balance (EUR 4.6 million) built up due to capital transfers received for financing investment projects.

 

The negative EUR 29.1 million flow of net investment on the financial account (excluding official reserve assets) resulted from the negative net other investment flow (EUR 193.4 million). Net other investment declined due to the liabilities to non-residents (EUR 317.8 million) outpacing the acquisitions of financial assets abroad (EUR 124.4 million). The growth in net portfolio investment was due to an increase of EUR 105.9 million in financial assets abroad and a decline of EUR 48.4 million in liabilities to non-residents. Net direct investment increased due to a decline of EUR 5.7 million in liabilities to non-residents and an increase of EUR 0.5 million in financial assets abroad.






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