Lithuanian foreign trade figures have improved early this year due to growing exports and falling imports.
In the first quarter of 2016, Lithuanian exports of products and raw materials amounted to €5.2 billion, while imports were worth €5.57 billion. Lithuania’s foreign trade deficit narrowed to €384 million this year from €593 million last year.
In the first quarter of 2016 Lithuanian origin goods exports amounted to €3.122 billion or 1.7% more than a year ago.
The biggest portion of Lithuanian origin goods exports were petroleum products, amounting to €532 million. This is more than a fifth of all goods of Lithuanian origin exported in this period.
The Department of Statistics noted that due to the fall in oil prices, revenues from the oil product exports have fallen even if the level of exports are far greater than in the same period a year ago.
Oil and oil products also accounted for the largest share of imports – €875 million over the first 3 months of 2016. It also takes up the sixth of the total imports. Russia remains the main supplier of oil to Lithuania and is as a result also the largest foreign trade partner of Lithuania.
Lithuanian Bank Economics Department economist Nerijus Černiauskas pointed out that despite the Lithuanian export growth, there was a worrying trend of IMF growth projections being cut for many countries at the end of 2015 and beginning of 2016.