Bank of Lithuania
2022-06-30
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Review of the Balance of Payments services exports and imports for Q1 2022 (Joint release by the Bank of Lithuania and Statistics Lithuania)

The Bank of Lithuania and Statistics Lithuania report that exports of services amounted to €3.5 billion in Q1 2022, a year-on-year increase of 23.0%, whereas imports of services stood at €2.3 billion, growing by 50.5% year on year.

The surplus on the balance of services decreased by 8.2% over the year and amounted to €1.2 billion, or 8.7% of GDP (see Chart 1).

In Q1 2022, compared to the corresponding period of the previous year, exports of travel services (70.4%) and imports of construction services (3.2 times) saw the fastest growth (see table), while exports and imports of transport services increased the most in monetary terms (€320.6 million and €509.0 million respectively).

Transport services comprised the main bulk of exports and imports of services (57.7% and 58.7% respectively). In Q1 2022, the largest surplus (€739.7 million) was recorded on the balance of road transport services, while the largest deficit (€175.6 million) – on the balance of sea transport services.

Exports of services to the European Union (EU) Member States (27) went up by 27.1%, compared with Q1 2021, and accounted for 74.1% of total exports of services, a year-on-year rise of 2.4 percentage points. Imports of services from the EU Member States rose by 56.7% and accounted for 68.4% of total imports of services, a year-on-year rise of 2.7 percentage points.

Germany remains Lithuania’s major partner in exports of services. Exports to this country expanded by 27.4% year on year (see Chart 2). Transport (71.2%) and other business (8.1%) services comprised the largest share of total exports of services to Germany.

Lithuania’s main partner in imports of services was Poland (see Chart 3). Imports from this country expanded by 92.1% year on year. The largest share of imports of services from Poland consisted of transport and other business services (86.2% and 4.5% respectively).

Chart 1. Balance of services

International trade in services in Q1 2022

Exports and imports of services in Q1 2022: composition and annual change

 

Export

Import

EUR millions 

Share,%

Annual

change, %

EUR millions

Share,%

Annual

change, %

Total services

3,504.6

100.0

23.0

2,278.2

100.0

50.5

Technical maintenance and repair services

89.4

2.6

65.7

39.7

1.7

7.7

Transport services

2,023.8

57.7

18.8

1,337.2

58.7

61.5

Carriage of passengers

27.4

0.8

54.4

30.7

1.3

5.0 times

Freight

1,255.7

35.8

19.4

792.4

34.8

61.9

Other transport services

740.7

21.1

16.9

514.1

22.6

54.5

Travel

71.4

2.0

70.4

74.9

3.3

77.5

Construction

112.2

3.2

10.6

26.1

1.1

3.2 times

Financial services

199.4

5.7

45.9

79.2

3.5

31.0

Telecommunications, computer and information services

373.6

10.7

29.5

157.8

7.0

13.9

Telecommunications services

24.0

0.7

10.3

22.0

1.0

0.3

Computer services

334.8

9.6

30.0

122.3

5.4

12.7

Information services

14.8

0.4

60.1

13.5

0.6

67.2

Other business services

484.6

13.8

22.2

490.2

21.5

51.8

Research and technological development services

35.3

1.0

2.3 times

3.2

0.1

14.3

Professional and advisory management services

147.6

4.2

34.9

138.1

6.1

85.8

Technical, trade-related and other business services

301.7

8.6

11.1

348.9

15.3

42.0

Other undistributed services

150.2

4.3

18.2

73.1

3.2

-3.7

Sources: Bank of Lithuania and Statistics Lithuania.

Chart 2. Key partners in exports of services

International trade in services in Q1 2022

Chart 3. Key partners in imports of services

International trade in services in Q1 2022

Detailed data on exports and imports of services is available on the Bank of Lithuania website under External statistics.

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