International trade in services in Q2 2022

The Bank of Lithuania and Statistics Lithuania report that in Q2 2022, exports of services amounted to €4.2 billion, a year-on-year increase of 25.5%, whereas imports of services stood at €2.6 billion, growing by 33.1% year on year.

The surplus on the balance of services (€1.6 billion or 10.2% of GDP) grew by 15.1% over the year (see Chart 1).

In Q2 2022, the largest year-on-year rise was recorded in exports and imports of travel services (3.7 and 3.9 times respectively) (see the Table), while exports and imports of transport services increased the most in monetary terms (€402.2 and €276.8 million respectively).

Transport services comprised the largest share of exports and imports of services (54.0% and 51.5% respectively). In Q2 2022, the largest surplus (€1,010.4 million) was recorded on the balance of road transport services, while the largest deficit (€214.8 million) – on the balance of sea transport services.

Exports of services to the European Union (EU) Member States (27) went up by 32.3% year on year and accounted for 75.2% of total exports of services, i.e. this share increased by 3.8 percentage points within the whole structure of exports of services. Imports of services from the EU Member States rose by 46.9% over the year and stood at 73.0%, i.e. this share increased by 6.8 percentage points within the whole structure of imports of services.

Germany remains Lithuania’s major partner in exports of services. Exports to this country expanded by 28.6% year on year (see Chart 2). Transport (69.9%) and other business (9.1%) 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 grew by 75.4% year on year. The largest share of imports of services from Poland consisted of transport and travel services (77.6% and 8.5% respectively).

Chart 1. Balance of services

Exports and imports of services in Q2 2022: composition and annual change

	Export			Import
	EUR millions	Share,%	Annual change, %	EUR millions	Share,%	Annual change, %
Total services	4,230.5	100.0	25.5	2,585.6	100.0	33.1
Technical maintenance and repair services	99.2	2.3	27.9	38.9	1.5	18.2
Transport services	2,284.2	54.0	21.4	1,330.4	51.5	26.3
Carriage of passengers	36.6	0.9	2.0 times	41.5	1.6	3.1 times
Freight	1,445.1	34.1	24.1	760.0	29.4	32.1
Other transport services	802.5	19.0	14.8	528.9	20.5	13.8
Travel	299.1	7.1	3.7 times	295.3	11.4	3.9 times
Construction	154.4	3.7	22.7	29.5	1.1	2.9 times
Financial services	200.4	4.7	40.8	98.7	3.8	44.7
Telecommunications, computer and information services	439.7	10.4	40.1	233.7	9.0	61.8
Telecommunications services	31.0	0.7	46.4	26.4	1.0	38.2
Computer services	393.8	9.3	40.2	193.3	7.5	72.3
Information services	14.9	0.4	27.5	14.0	0.5	6.7
Other business services	596.8	14.1	-3.6	474.7	18.4	-3.6
Research and technological development services	26.5	0.6	80.2	4.3	0.2	65.4
Professional and advisory management services	156.6	3.7	30.4	126.8	4.9	22.7
Technical, trade-related and other business services	413.7	9.8	-14.6	343.6	13.3	-11.1
Other undistributed services	156.7	3.7	21.4	84.5	3.3	29.1

Sources: Bank of Lithuania and Statistics Lithuania.

Chart 2. Key partners in exports of services

Chart 3. Key partners in imports of services

When calculating the balance of payments data for Q2 2022, the service data series for quarterly and monthly balance of payments position from 2017 was revised.

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

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Statistics, External statistics