2021-09-30
Review of the Balance of Payments services exports and imports for Q2 2021 (Joint release by the Bank of Lithuania and Statistics Lithuania)
Exports of services amounted to €3.1 billion in Q2 2021, rising by 31.0% year on year, while their imports stood at €1.8 billion, growing by 49.1% year on year, as announced by the Bank of Lithuania and Statistics Lithuania.
The surplus in the balance of services increased by 11.8% over the year and amounted to €1.3 billion, or 9.8% of GDP (see Chart 1).
In Q2 2021, the largest year-on-year rise was registered in exports of travel services (2.6 times) and their imports (3.9 times) (see Table).
Transport services comprised the largest share of exports and imports of services (60.0% and 56.9% respectively). In Q2 2021, the largest surplus was observed in the balance of road transport services (€722.5 million), while the largest deficit was registered in the balance of sea transport services (€83.2 million).
Exports of services to the European Union (EU) Member States (27) accounted for 70.1% of total exports of services, a year-on-year rise of 34.4%. Imports of services from EU Member States accounted for 65.2% of total imports of services, a year-on-year increase of 48.9%.
Germany was Lithuania’s major partner in exports of services in Q2 2021. Exports to this country expanded by 25.0% year on year (see Chart 2). Transport (76.1%) and other business (7.6%) 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 grew by 64.3% year on year. Transport and travel services comprised the largest share of total imports of services from Poland (81.9% and 6.7% respectively).
Chart 1. Balance of services
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Exports and imports of services in Q2 2021: composition and annual change
|
Export |
Import |
|||||
|
EUR millions |
Share,% |
Annual change, % |
EUR millions |
Share,% |
Annual change, % |
|
|
Total services |
3,149.8 |
100.0 |
31.0 |
1,847.2 |
100.0 |
49.1 |
|
Technical maintenance and repair services |
77.5 |
2.5 |
58.6 |
32.9 |
1.8 |
12.0 |
|
Transport services |
1,889.2 |
60.0 |
22.4 |
1,051.9 |
56.9 |
51.1 |
|
Carriage of passengers |
17.9 |
0.6 |
24.8 |
13.3 |
0.7 |
2.8 times |
|
Freight |
1,164.6 |
37.0 |
19.8 |
577.9 |
31.3 |
53.7 |
|
Other transport services |
706.7 |
22.4 |
26.7 |
460.7 |
24.9 |
46.0 |
|
Travel |
114.0 |
3.6 |
2.6 times |
132.4 |
7.2 |
3.9 times |
|
Construction |
128.2 |
4.1 |
56.7 |
10.4 |
0.6 |
-43.6 |
|
Financial services |
80.4 |
2.5 |
59.7 |
61.0 |
3.3 |
2.0 times |
|
Telecommunications, computer and information services |
312.8 |
9.9 |
28.0 |
142.8 |
7.7 |
33.6 |
|
Telecommunications services |
21.2 |
0.7 |
8.8 |
19.1 |
1.0 |
-14.4 |
|
Computer services |
279.9 |
8.9 |
29.3 |
111.0 |
6.0 |
46.1 |
|
Information services |
11.7 |
0.3 |
39.3 |
12.7 |
0.7 |
48.9 |
|
Other business services |
415.2 |
13.2 |
41.2 |
347.1 |
18.8 |
28.3 |
|
Research and technological development services |
14.7 |
0.5 |
17.2 |
2.6 |
0.1 |
-17.1 |
|
Professional and advisory management services |
119.8 |
3.8 |
36.2 |
92.3 |
5.0 |
14.7 |
|
Technical, trade-related and other business services |
280.7 |
8.9 |
45.0 |
252.2 |
13.7 |
34.9 |
|
Other undistributed services |
132.5 |
4.2 |
37.8 |
68.6 |
3.7 |
27.9 |
Sources: Bank of Lithuania and Statistics Lithuania.
Chart 2. Key partners in exports of services
Chart 3. Key partners in imports of services
It should be noted that, when calculating the balance of payments services data for Q2 2021, the data series for services from 2018 was revised.
Detailed data on exports and imports of services is available on the Bank of Lithuania website (External statistics).
You can use the tool My Data Sets, which allows creating data sets that will be saved in your account, and the data will be updated immediately after publication.
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