The value of exports to the US increased by more than 35% or by €83 million in the first quarter of this year compared to the same period last year, according to the Lithuanian Department of Statistics.
The increase in exports to the US was the biggest of exports to any foreign markets. The most significant increase was seen in exports of milk and milk products and meat products.
Exports of the pharmaceutical and chemical products and wood products have also been growing. In the first quarter of the year exports grew by 35.8% compared to the same period last year.
“In 2015 unilateral leader among emerging markets was the United States,” said Lithuanian Confederation of Industrialists (LPK) analyst Aleksandras Izgorodinas who added that some Lithuanian companies are already opening offices in the US which means that the businesses are willing to develop long-term projects in this country.
Izgorodinas said it also showed a clear trend of Lithuanian companies diversifying their exports.
“Last year, the total exports grew by 2.6% but exports to CIS countries fell by more than 30%. Companies began to seek new markets”
Lithuanian exports to the US benefited from the ECB’s quantitative stimulus program, which has reduced the value of the euro in relation to the dollar.
“It is difficult to expect a decline in the dollar against the euro as the US central bank takes quite a tough stance on economic stimulus, and the ECB continues to stimulate,” said Izgorodinas.