First quarter’s foreign trade of Lithuanian businesses has been equal to 40% of last year‘s volumes, shows the latest analysis by the Confederation of Industrialists, the country’s biggest business association.
Analysts point out several trends in the recovery of Lithuania’s exports which dropped significantly last year due to Russia’s embargo on trade with the EU.
First of all, exports to EU countries have remained the same as last year. Trade with Germany and France declined by about one tenth, as Lithuania has shifted focus to the Scandinavian countries. For example, exports to Sweden and Denmark grew by one tenth.
Specialists note that Lithuania’s best export performance has been observed in new markets. This year, trade with Asian and North American countries grew by one fifth.
Trade relations with Japan made the most impact on export growth to Asia as Lithuania exports a lot of food products to this country.