2022-05-13
Today, the Bank of Lithuania published the balance of payments for March 2022, which shows that:
the deficit on the current account balance (CAB) in March was up by 2.6 times, compared to February, and amounted to €342.7 million. This was determined by a substantial increase in the foreign trade deficit, which resulted from larger increases in foreign trade imports than exports (30.0% and 26.8% respectively) (see Chart 1). With a substantial rise in exports and imports of services (by 28.1% and 44.2% respectively), the surplus of the balance of services increased moderately (by 1.8%) and amounted to €420.9 million. The deficit on the primary income grew by 17.8%, from €118.4 million to €139.4 million;
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the secondary income balance was in surplus and amounted to €27.3 million. Transfers from European Union (EU) support funds (€37.8 million) declined by 10.6%, whereas Lithuania’s calculated contributions to the EU budget (€29.9 million) contracted by 46.1%, compared to February. Personal transfers from abroad amounted to €49.7 million, a month-on-month increase of 7.8%. Personal transfers from Lithuania amounted to €34.7 million, a month-on-month decrease of 1.9%;
the negative net flow of financial account investment (€851.9 million) mainly resulted from the negative net flow of other investment, which was not offset by the positive net flow of portfolio investment, direct investment and 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 March is available on the Bank of Lithuania website (External statistics).
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