Let’s Know Close Lithuania

Lithuania is a very open economy, with foreign trade representing 149% of GDP (World Bank, 2018). The country mainly imports petroleum oils, furniture, cigars, cheroots and cigarillos, and medicaments; while imports are led by crude oil, motor cars, medicaments and tractors.

The European Union remained the major trading partner in 2018, accounting for 58.5% of total exports (especially towards Latvia and Poland), followed by Russia (14%), the US (5.2%) and Belarus (3.8%). The main origins of Lithuania’s imports were the EU (68.2%), Russia (14.2%), Kazakhstan and China (2.8% each). It has to be noted that ongoing diplomatic spat between the EU and Russia and the Russian embargo on EU agricultural products have been detrimental to Lithuania (and the Baltic countries in general).

In 2018, Lithuanian exports rose by 12% to USD 33.4 billion, with imports growing at a similar pace (13%) to USD 36.5 billion. The country’s trade balance has historically been in deficit, which can largely be explained by the country’s energy imports and, particularly, the large amount of gas it imports from Russia; the 2018 trade balance was USD -3.1 billion. However, the balance of services is positive (USD 11.4 billion of exports against USD 6.7 billion of imports – data by WTO), thus when computing both goods and services, the overall trade balance registers a surplus (estimated at 1.9% of GDP by the World Bank).

Also the most important sectors of Lithuania’s economy in 2018 were wholesale and retail trade, transport, accommodation and food services (32.2%), industry (21.9%) and public administration, defence, education, human health and social work activities (14.3%).

Intra-EU trade accounts for 59% of Lithuania’s exports (Latvia 10%, Poland 8% and Germany 7%), while outside the EU 14% go to Russia and 5% to the United States.

In terms of imports, 69% come from EU Member States (Germany 12%, Poland 11% and Latvia 7%), while outside the EU 15% come from Russia and 3% from China.

Lithuania had a total export of 33,334,576.74 in thousands of US$ and total imports of 36,501,414.40 in thousands of US$ leading to a negative trade balance of -3,166,837.67 in thousands of US$ The trade growth is 5.19% compared to a world growth of 3.50%. GDP of Lithuania is 53,429,066,429 in current US$. Lithuania services export is 11,625,357,257 in BoP, current US$ and services import is 6,891,065,875.60 in Bop, current US$.Lithuania exports of goods and services as percentage of GDP is 75.62% and imports of goods and services as percentage of GDP is 73.68%.

Lithuania is member of the European Union since 2004 and has close ties with nearby Baltic and Eastern European countries. It is well integrated in the international trade system and is party to a number of agreements.

Lithuania Imports By Country

It displays a table with Lithuania Imports By Country in U.S. dollars, according to the United Nations COMTRADE database on international trade. 

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