2022-03-16
Today, the Bank of Lithuania published the balance of payments for January 2022, which shows that:
the surplus on the current account balance (CAB) increased slightly by 2.2% compared to December 2021, up to €68.0 million. This was due to a reduction in the foreign trade deficit (from €345.1 million to €216.3 million) and the secondary income balance, which turned from a deficit of €55.6 million to a surplus of €11.1 million (see Chart 1). Imports of goods, which fell faster than exports (by 6.8% and 3.3% respectively), reduced the foreign trade deficit, which amounted to €216.3 million. The surplus on the balance of services narrowed slightly by 0.9% and amounted to €393.6 million, following a decline in exports and imports of services (by 5.5% and 8.2% respectively). The deficit on primary income of €120.5 million was mainly due to smaller European Union (EU) subsidies for agriculture;
the secondary income balance turned from a deficit to a surplus of €11.1 million. Transfers from EU support funds amounted to €17 million, representing a decrease of 3.1 times compared to December 2021, while Lithuania’s estimated contributions to the EU budget amounted to €42.6 million, representing a decrease of 32.7%. Personal transfers from abroad amounted to €52.7 million, with a decrease of 10.1% compared to December 2021. Personal transfers from Lithuania amounted to €20.1 million, with an increase of 1.7%;
the positive net flow of financial account investment (€375.4 million) was mainly due to an increase in official reserve assets (see Chart 2).
Chart 1. CAB and its composite flows
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Chart 2. Net financial account investment flows
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Detailed data for January is available on the Bank of Lithuania website (External statistics).
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