2023-06-30
Review of the Balance of Payments services exports and imports for Q1 2023 (Joint release by the Bank of Lithuania and the State Data Agency)
The Bank of Lithuania and the State Data Agency report that in Q1 2023, exports of services amounted to €4.2 billion, a year-on-year increase of 14.3%, whereas imports of services stood at €2.7 billion, up by 8.0% year on year.
The surplus on the balance of services (€1.5 billion or 9.3% of GDP) went up by 27.7% over the year (see Chart 1).
In Q1 2023, the most rapid year-on-year rise was recorded in exports of financial services (56.4%) and imports of construction services (2.8 times) (see the Table), while exports of transport services (€165.1 million) and imports of travel services (€77.6 million) increased the most in monetary terms.
Transport services comprised the largest share of exports and imports of services (52.5% and 51.3% respectively). In Q1 2023, the largest surplus among all services was observed in the balance of road transport services (€1.1 billion), while the largest deficit was registered in the balance of sea transport services (€176.6 million).
Exports of services to the European Union (EU) Member States (27) went up by 15.0% year on year and accounted for 74.5% of total exports of services, i.e. this share increased by 0.5 percentage points within the whole structure of exports of services. Imports of services from the EU Member States rose by 25.0% over the year and stood at 75.4%, i.e. this share increased by 10.2 percentage points within the whole structure of imports of services.
Germany remains Lithuania’s major partner in exports of services. The volume of exports to this country expanded by 33.6% over the year (see Chart 2). Transport (66.5%) and travel (9.0%) services comprised the largest share of exports of services to Germany.
Lithuania’s main partner in imports of services was Poland (see Chart 3). Imports from this country grew by 9.2% year on year. The largest share of imports of services from Poland consisted of transport and travel services (78.3% and 11.0% respectively).
Chart 1. Balance of services
Exports and imports of services in Q1 2023: composition and annual change
Chart 2. Key partners in exports of services
Chart 3. Key partners in imports of services
Detailed data on exports and imports of services is available on the Bank of Lithuania website (under External statistics).
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