2024-09-30
Review of the Balance of Payments services exports and imports for Q2 2024
Today, Lietuvos bankas published the data on the international trade in services for the second quarter of 2024, which shows that:
in the second quarter of 2024, exports of services amounted to €5.6 billion, a year-on-year increase of 12.7%, whereas imports of services stood at €3.3 billion, up by 11.6% year on year.
The surplus on the balance of services (€2.3 billion or 12.2% of GDP) went up by 14.3% over the year (see Chart 1).
In the second quarter of 2024, the most rapid year-on-year rise was recorded in exports (30.4%) and imports (49.9%) of construction services, while exports (€367.7 million) and imports (€219.2 million) of transport services increased the most in monetary terms.
Transport services comprised the largest share of exports and imports of services (47.4% and 47.6% respectively). During the period under review, the largest surplus (€1.2 billion) was recorded on the balance of road transport services, while the largest deficit (€143.8 million) was on the balance of sea freight transport services.
Exports of services to the EU Member States went up by 14.2% year on year and accounted for 75.4% of total exports of services, i.e. this share increased by 0.9 percentage points within the whole structure of exports of services. Imports of services from the EU Member States rose by 10.0% over the year and stood at 71.3%, i.e. this share contracted by 1.1 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 8.8% over the year (see Chart 3). Transport (55.7%) and travel (14.0%) services comprised the largest share of exports of services to Germany.
Lithuania’s main partner in imports of services was Poland (see Chart 4). Imports from this country grew by 29.1% year on year. Transport and travel services (71.7% and 15.6% respectively) made up the largest share of imports of services from Poland.
Chart 1. Balance of services
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Chart 2. Exports and imports of services by type of service
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Chart 3. Key partners in exports of services
Chart 4. Key partners in imports of services
A detailed data revision on balance of payments and national accounts coordinated by Eurostat and the European Central Bank is carried out in all EU countries in 2024. Data on international trade in services from the first quarter of 2014 to the first quarter of 2024 was revised to have harmonised macroeconomic statistics.
Detailed data on exports and imports of services of the second quarter of 2024 and revised data from the first quarter of 2014 to the first quarter of 2024 is available on the website of Lietuvos bankas (under External statistics).
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