2024-05-14
Today, the Bank of Lithuania published the balance of payments for March 2024, which shows that:
the surplus on the current account balance (CAB) was down by 18.2%, compared to February, and amounted to €458.2 million. The fall in the surplus on the CAB was mainly underpinned by an increase in the foreign trade deficit and primary income deficit (see Chart 1). As imports of goods increased more than exports (5.2% and 2.3% respectively), the foreign trade deficit increased by 46.5% and stood at €294.6 million. With the rise in exports and imports of services (by 5.4% and 5.2% respectively), the surplus on the balance of services slightly increased by 5.6%, amounting to €835.4 million. The primary income deficit stood at €90.8 million;
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the secondary income balance decreased but remained in surplus at €8.2 million. Transfers from European Union (EU) support funds declined by 9.7%, while Lithuania’s calculated contributions to the EU budget rose by 62.8%. Personal transfers both from abroad and from Lithuania went up by 8.1% and 10.3% respectively;
the negative net financial account investment flow (€14.0 million) was mainly driven by a rise in the negative net flows of portfolio and other investment, which were not offset by the positive net flow of direct 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 on the country’s balance of payments for March is available on the Bank of Lithuania website (External statistics).
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