Balance of payments of the Republic of Lithuania: December 2021
Today, the Bank of Lithuania published the balance of payments for December 2021, which shows that:
the surplus on the current account balance (CAB) contracted rapidly (37.2 %), as in November, and amounted to €66.5 million. This was due to a significant widening of the foreign trade deficit and the secondary income balance which turned into a deficit (see Chart 1). The increase in the foreign trade deficit of €345.1 million formed due to the decrease in exports of goods (3.1 %) and a slight increase in imports (0.2 %). With the rise in exports and imports of services (by 7.7 % and 9.3% respectively), the surplus balance of services increased by 4.9% and amounted to €397.3 million. The surplus in primary income (€70.0 million) formed due to subsidies for agriculture received from the European Union (EU);
the secondary income balance turned into a deficit and amounted to €55.6 million. Transfers from EU support funds (€53.0 million) went up by 13.2 %, whereas Lithuania's calculated contributions to the EU budget (€63.3 million) rose by 58.0% compared to November. Personal transfers from abroad amounted to €58.6 million, with an increase of 6.2% compared to November. Personal transfers from Lithuania totalled EUR 19.8 million, rising 0.7% month on month;
the negative net flow of financial account investment (€110.6 million) resulted from a fall in official reserve assets (see Chart 2).
Chart 1. CAB and its composite flows
Chart 2. Net financial account investment flows
Detailed data for December is available on the Bank of Lithuania website (External statistics).
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