Lithuanian exports contract 7.5%

In June, Lithuania exported goods worth €1.83 billion and imported for €2.06 billion, according to preliminary data from Statistics Lithuania.

Compared to June last year, exports contracted 7.5%, while imports went down 8.1%.

Some of the contraction is due to cheaper oil. Even though Lithuania imported 1.6% more raw oil in terms of volume and exported 13.9% more oil products, their lower monetary value in the market more than offset the increase.

Over the first six months of this year, Lithuania’s exports declined 2.4% compared to the same period in 2015 and imports were 5.3% lower.

Most of Lithuania’s exports went to Russia (12.8%), Poland (9.7%), Latvia (9.6%) and Germany (7.9%). Goods manufactured in Lithuania were mostly exported to Germany (10.4%), the United States (9.2%), Poland (7.3%), Sweden (6.9%) and Latvia (6.9%).

Mechanic equipment and electronics made up the bulk of Lithuania’s foreign trade (14.6% of exports and 17.9% of imports), followed by mineral products (13.2% and 17% respectively) and chemical industry products (11.5% and 12.6%).

Exports of Lithuanian-produced goods mostly consisted of mineral products (17.8%), various manufactured goods (12.4%), food products and beverages (9.1%).

LRT