2023-12-29
Review of the Balance of Payments services exports and imports for Q3 2023 (Joint release by the Bank of Lithuania and the State Data Agency)
In Q3 2023, exports of services accounted for €5.1 billion, i.e. up 11.8 %, compared to Q3 2022, while imports of services amounted to €3.1 billion, or 5.8% more than in the same period of the previous year, according to the data of the Bank of Lithuania and the State Data Agency.
The services surplus (€2.1 billion, or 10.7% of gross domestic product (GDP)) increased by 22.2% year-on-year. (see Chart 1).
In Q3 2023, the most rapid year-on-year rise was recorded in exports of financial services (2.2 times) and imports of maintenance and repair services (42.6%) (see the Table), while exports of financial services (€246.8 million) and imports of travel services (€137.1 million) increased the most in monetary terms during this period.
Transport services comprised the largest share of exports and imports of services (47.2% and 47.1% respectively). Over the reporting period, the largest surplus among all service balances was in road transport services (€1.2 billion) and the largest deficit among all services was recorded for maritime transport services (€137.5 million).
In Q3 2023, exports of services to the European Union (EU) Member States went up by 15.2% year on year and accounted for 71.8% of total exports of services, i.e. this share increased by 2.1 percentage points within the whole structure of exports of services. Imports of services from the EU Member States rose by 13.8% over the year and stood at 74.3%, i.e. this share increased by 5.2 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 37.2% over the year (see Chart 2). Transport (59.9%) and travel (17.5%) 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 declined by 9.4% year on year. The largest share of imports of services from Poland consisted of transport and travel services (67.5% and 19.0% respectively).
Chart 1. Balance of services
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Exports and imports of services in Q3 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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