Bank of Lithuania
2020-05-14
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Today, the Bank of Lithuania published the balance of payments for March 2020, which shows that:

the surplus on the current account balance (CAB) amounted to €263.8 million and, compared to February, increased by 35.7%. The surplus was a result of the decreasing yet still in surplus balance of services and increased secondary income balance (see Chart 1). Although exports and imports of services fell (by 14.7% and 16.4% respectively), the surplus on the balance of services remained and amounted to €315.1 million. More robust growth in exports of goods (9.8%) compared to imports of goods (4.9%) reduced the deficit on the foreign trade balance, which ultimately stood at €34.2 million;

the surplus on the secondary income balance increased by 4.2% over the month. Transfers from European Union (EU) support funds (in March – €31.2 million) decreased by 8.9%, while Lithuania’s calculated contributions to the EU budget (in March amounting to €20.2 million), were smaller by half, compared to February. Private individual remittances from abroad amounted to €52.1 million, a month-on-month decrease of 37.0%.  Private individual remittances from Lithuania amounted to €18.7 million, decreasing by 39.0%;

the positive net flow of financial account investment (€227.7 million) resulted from the increase in official reserve assets and positive net flow of portfolio investments (see Chart 2).

Chart 1. CAB and its composite flows

Chart 2. Net financial account investment flows

Comprehensive balance of payments data are also published on the Bank of Lithuania website.

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