Balance of Payments of the Republic of Lithuania, August 2010

  13 October 2010         BALANCE OF PAYMENTS OF THE REPUBLIC OF LITHUANIA, AUGUST 2010 (key indicators)   In August 2010, the Current Account of Lithuania’s Balance of Payments turned from deficit into surplus growing month on month by LTL 524.8 million. The positive change on the current account balance (CAB) was driven mainly by the decrease of the foreign trade deficit. Lithuania’s bigger investments abroad significantly contributed to the negative financial account balance (LTL –213.8 billion) on the Balance of Payments in August.     Current account. In August 2010, the surplus on the country’s CAB totalled LTL 184.2 million (in July CAB deficit amounted to LTL 340.6 million). According to preliminary estimate, in January–August this year, the surplus on the CAB of the Balance of Payments made up LTL 1.2 billion, a year-on-year increase of LTL 850.1 million or 3.4 times. CAB and Composite Balances -800 -400 0 400 800 1,200 1,600 2,000 Aug. 2009 Sep. Oct. Nov. Dec. Jan. 2010 Feb. Mar. Apr. May June July Aug. LTL millions Current account balance Trade balance Service balance Income balance Balance of current transferso   In August 2010, according to the data of the Statistics Lithuania, export of goods increased month on month by 8.3 %, while import contracted by 4.5 %. The deficit on the foreign trade balance totalled in August LTL 308 million (in July it amounted to LTL 930.9 million). In January–August 2010, export and import of goods grew year on year by 27.9 % and 27.3 % respectively, while export and import growth excluding mineral products made up 23.3 % and 19.6 % respectively. Export growth was driven by a 47.1 % increase in export of oil w products, a 45.4 % growth in export of ground vehicles, and a 33.1 % surge in export of plastics and plastic articles. The import growth was driven by an increase in import of crude oil (43.9 %), n ground vehicles (51