2022-07-14
Today, the Bank of Lithuania published the balance of payments for May 2022, which shows that:
although, compared with April, the deficit on the current account balance (CAB) shrank significantly (4.5 times), the CAB remained in deficit and amounted to €104.6 million. In May, the overall decrease in the deficit on the CAB was triggered by a dramatic plunge in the deficit on foreign trade (from €736.8 million to €445.5 million) and the increasing surplus on the balance of services (from €390.6 million to €452.0 million). As imports of goods declined more than exports (by 8.2% and 1.2%, respectively), the foreign trade deficit contracted by 39.5% and amounted to €445.5 million. The surplus on the balance of services increased by 15.7%, to stand at €452.0 million, following a decrease in imports of services (by 3.9%) and a rise in exports (by 2.4%). The deficit on primary income remained roughly unchanged and stood at €137.2 million;
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the secondary income balance was in surplus, amounting to €26.1 million. Transfers from European Union (EU) support funds (€53.7 million) rose by 59.2%, whereas Lithuania’s calculated contributions to the EU budget remained unchanged and amounted to €42.6 million. Personal transfers from abroad amounted to €51.8 million, a month-on-month decrease of 4.1%. Personal transfers from Lithuania amounted to €31.2 million, representing a month-on-month decrease of 1.0%;
the positive net flow of financial account investment (€34.6 million) was determined by the increase in the positive flow of portfolio 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 May is available on the Bank of Lithuania website (External statistics).
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