2023-03-16
Today, the Bank of Lithuania published the balance of payments for January 2023, which shows that:
the current account balance (CAB) turned from deficit to surplus, compared to December 2022, and amounted to €79.9 million. This was driven by the fact that foreign trade deficit decreased by more than half as well as a decline in the balance of services which nonetheless remained in surplus (see Chart 1). A marked fall in foreign trade imports and exports (16.4% and 7.4% respectively) led to a significant decrease in foreign trade deficit which amounted to €414.4 million. With a decline in exports and imports of services (by 8.1% and 6.3% respectively), the surplus on the balance of services went down (by 10.6%) and amounted to €616.1 million;
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the secondary income balance was in surplus, amounting to €12.0 million. Transfers from European Union (EU) support funds (€22.6 million) contracted by 4.6 times, whereas Lithuania’s calculated contributions to the EU budget (€29.6 million) went down by 49.5%, compared to December 2022. Personal transfers from abroad amounted to €61.0 million, a month-on-month decrease of 6.3%. Personal transfers from Lithuania amounted to €32.4 million, representing a month-on-month decrease of 5.4%;
the positive net flow of financial account investment (€263.3 million) was driven by the positive net flows of portfolio investment and other investment (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 2023 is available on the Bank of Lithuania website (External statistics).
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