2021-12-31
Review of the Balance of Payments services exports and imports for Q3 2021 (Joint release by the Bank of Lithuania and Statistics Lithuania)
According to the Bank of Lithuania and Statistics Lithuania, exports of services amounted to €3.2 billion in Q3 2021, up by 17.8% year on year, whereas imports of services stood at €2 billion, a year-on-year increase of 39.1%.
The surplus in the balance of services (€1.2 billion or 8.0% of GDP) fell by 6.1% over the year (see Chart 1).
The fastest year-on-year growth in Q3 2021 was recorded in exports of financial services (2.2 times) and imports of technical maintenance and repair services (55.3%) (see Table).
Transport services accounted for the largest share of exports and imports of services (58.6% and 59.5%, respectively). In Q3 2021, the balance of road transport services showed the largest surplus (€651.2 million) and the balance of maritime transport services had the largest deficit (€124.8 million).
Exports of services to the European Union (EU27) accounted for 70.6% of total exports of services, increasing by 19.4% year on year. Imports of services from EU countries accounted for 67.2% of total imports of services, a year-on-year increase of 42.4%.
Germany remains Lithuania's main services export partner. Exports to this country increased by 15.2% year on year (see Chart 2). Transport services (72.2%) and other business services (7.6%) accounted for the largest share of exports of services to Germany.
Poland was the main import partner for services (see Chart 3). Imports from this country increased by 62.3% year on year. Transport and travel services accounted for the largest share of imports of services from Poland (82.3% and 7.4%, respectively).
Chart 1. Balance of services
Exports and imports of services in Q3 2021: composition and annual change
|
Export |
Import |
|||||
|
EUR millions |
Share,% |
Annual change, % |
EUR millions |
Share,% |
Annual change, % |
|
|
Total services |
3,198.3 |
100.0 |
17.8 |
1,999.1 |
100.0 |
39.1 |
|
Technical maintenance and repair services |
71.6 |
2.2 |
24.3 |
32.2 |
1.6 |
55.3 |
|
Transport services |
1,875.1 |
58.6 |
9.5 |
1,188.8 |
59.5 |
52.0 |
|
Carriage of passengers |
24.1 |
0.7 |
23.6 |
32.9 |
1.7 |
2.8 times |
|
Freight |
1,128.4 |
35.3 |
3.3 |
644.0 |
32.2 |
48.2 |
|
Other transport services |
722.6 |
22.6 |
20.4 |
511.9 |
25.6 |
52.6 |
|
Travel |
140.1 |
4.4 |
-8.7 |
160.0 |
8.0 |
7.0 |
|
Construction |
130.3 |
4.1 |
38.8 |
16.8 |
0.8 |
28.4 |
|
Financial services |
93.0 |
2.9 |
2.2 times |
47.7 |
2.4 |
46.1 |
|
Telecommunications, computer and information services |
306.5 |
9.6 |
39.3 |
128.3 |
6.4 |
32.1 |
|
Telecommunications services |
23.8 |
0.7 |
-1.0 |
19.0 |
0.9 |
-19.8 |
|
Computer services |
268.1 |
8.4 |
41.9 |
97.2 |
4.9 |
49.8 |
|
Information services |
14.6 |
0.5 |
2.1 times |
12.1 |
0.6 |
42.1 |
|
Other business services |
458.5 |
14.3 |
40.3 |
361.5 |
18.1 |
29.1 |
|
Research and technological development services |
30.2 |
0.9 |
67.7 |
3.4 |
0.2 |
2.5 |
|
Professional and advisory management services |
120.8 |
3.8 |
25.0 |
93.9 |
4.7 |
18.8 |
|
Technical, trade-related and other business services |
307.5 |
9.6 |
44.9 |
264.2 |
13.2 |
33.6 |
|
Other undistributed services |
123.2 |
3.9 |
13.6 |
63.8 |
3.2 |
2.5 |
Sources: Bank of Lithuania and Statistics Lithuania.
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 (External statistics). Please note that since Q1 of 2019 the External Statistics Database includes detailed services data by type of service, country and country group.
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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