During this time, the trade deficit amounted to 2.9 billion. euros and was 18.6 percent. lower than a year ago.
The export value of goods of Lithuanian origin alone was 16.3 billion. EUR – 1.5 percent. more than a year ago.
This year, mineral products (15.1%), machines and mechanical devices, electrical equipment (13.3%), chemical industry and related industries (11.2%) were mostly exported.
Of the goods of Lithuanian origin, mineral products (20.3%), various industrial products (11%), prepared food products, non-alcoholic and alcoholic beverages, tobacco and processed tobacco substitutes (10.2%), machinery and mechanical equipment were mostly exported. devices and electrical equipment (9.1 percent).
The decline in exports was influenced by the decline in the export of ground vehicles (27.9%), machines and mechanical devices, their parts (13.8%).
The decrease in imports was caused by the decline in the import of land vehicles (22.4%), mineral fuel, mineral oils and their distillation products (7.3%), machines and mechanical devices, their parts (11.5%).
Export of goods, excluding mineral products, decreased by 6.5 percent, import by 7.8 percent. The export of goods of Lithuanian origin increased by 1.5 percent, excluding mineral products – by 1.1 percent.
In January-August, exports were mainly to Latvia (11.4%), Poland (9.7%), Germany (8.3%), and imports from Poland (14.2%), Germany (12.3 %), Latvia (7.8%).
Goods of Lithuanian origin were mainly exported to Poland (9.7%), Germany (9.5%), the Netherlands (8.7%), Latvia (7.8%), the United States (7.1%). ).
In January-August, the most goods were imported from Latvia (14.2%), Poland (12.3%) and Germany (7.8%).
Export of goods, excluding mineral products, decreased by 6.5 percent, import by 7.8 percent. Export of goods of Lithuanian origin excluding mineral products – 1.1 percent.
In August alone, the country’s exports amounted to 3.21 billion. euros and was 3.9 percent. higher than in July and 4.8 percent. lower than a year ago. The export of goods of Lithuanian origin grew by 9.4% per month, by 3.5% per year, excluding mineral products by 10.3%, respectively. and 8.2 percent
The country’s imports amounted to 3.55 billion in August. euros and decreased by 5.2% per month, by 1.6% per year. The import of goods, excluding mineral products, decreased by 4.9 percent during the month, and by 2.5 percent during the year.
window.fbAsyncInit = function() {
FB.init({
appId: ‘117218911630016’,
version: ‘v2.10’,
status: true,
cookie: false,
xfbml: true
});
};
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {
return;
}
js = d.createElement(s);
js.id = id;
js.src = “https://connect.facebook.net/lt_LT/sdk.js”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
#Lithuanian #exports #fell #percent #year #exports #Lithuanian #origin #grew #percent #Business
Lithuania’s Trade Balance: A Closer Look
As a famous blog news writer, I have been following the recent developments in Lithuania’s trade balance. According to the latest data, the country’s trade deficit has decreased by 18.6% compared to the previous year, amounting to 2.9 billion euros. This decline is a positive sign for the country’s economy, indicating a reduction in the gap between its exports and imports.
The export value of goods of Lithuanian origin has also seen a slight increase of 1.5% compared to the previous year, reaching 16.3 billion euros. This growth is largely attributed to the increase in exports of mineral products, which accounted for 20.3% of the total exports.
Breaking down the export categories, mineral products (20.3%), machinery and mechanical equipment, electrical equipment (9.1%), and prepared food products, non-alcoholic and alcoholic beverages, tobacco and processed tobacco substitutes (10.2%) were among the top exports of Lithuanian origin.
However, the decline in exports of ground vehicles (27.9%) and machines and mechanical devices, their parts (13.8%) has had a negative impact on the country’s trade balance. Similarly, the decrease in imports of land vehicles (22.4%), mineral fuel, mineral oils, and their distillation products (7.3%), and machines and mechanical devices, their parts (11.5%) has also contributed to the decline in imports.
Interestingly, excluding mineral products, the export of goods decreased by 6.5%, while imports decreased by 7.8%. This trend suggests that Lithuania’s economy is still heavily reliant on mineral products, and efforts should be made to diversify its exports and reduce its dependence on this category.
In the context of Lithuania’s overall trade balance, it is worth noting that the country’s trade balance was estimated to be negative by 2% of GDP in 2022, according to the World Bank [[1]]. Additionally, Lithuania had a total export of 40,698,383.28 in thousands of US$ and total imports of 44,476,452.63 in thousands of US$ leading to a negative trade balance [[2]].
while Lithuania’s trade deficit has decreased, and exports of certain categories have increased, the country still faces challenges in terms of diversifying its exports and reducing its reliance on mineral products. Efforts should be made to promote other sectors and industries to contribute to the country’s economy.
Sources:
[[1] https://www.lloydsbanktrade.com/en/market-potential/lithuania/trade-profile
[[2] https://wits.worldbank.org/CountryProfile/en/LTU
[[3] https://tradingeconomics.com/lithuania/international-trade-trade-balance-eurostat-data.html
