2024-12-31
Review of the Balance of Payments services exports and imports for Q3 2024
Today, Lietuvos bankas published the data on the international trade in services for the third quarter of 2024, which shows that:
in the third quarter of 2024, exports of services amounted to €5.8 billion, a year-on-year increase of 13.1%, whereas imports of services stood at €3.5 billion, up by 13.2% year on year.
The surplus on the balance of services (€2.3 billion or 11.0% of GDP) went up by 12.8% over the year (see Chart 1).
In the third quarter of 2024, the most rapid year-on-year rise was recorded in exports (32.4%) and imports (a factor of 2.8) of construction services, while exports (€287.7 million) and imports (€135.7 million) of transport services increased the most in monetary terms.
Transport services comprised the largest share of exports and imports of services (47.2% and 45.4% respectively) (see Chart 2). During the period under review, the largest surplus (€1.2 billion) was recorded on the balance of road transport services, while the largest deficit (€165.2 million) was on the balance of sea freight transport services.
In the third quarter of 2024, exports of services to the EU Member States went up by 15.2% year on year and accounted for 72.9% of total exports of services, i.e. this share increased by 1.3 percentage points within the whole structure of exports of services. Imports of services from the EU Member States rose by 6.4% over the year and stood at 70.9%, i.e. this share contracted by 4.5 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 10.2% over the year (see Chart 3). Transport (53.8%) and travel (20.5%) 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 15.2% year on year. Transport and travel services (70.9% and 16.0% respectively) made up the largest share of imports of services from Poland.
Chart 1. Balance of services
.png)
Chart 2. Exports and imports of services by type of service
Chart 3. Key partners in exports of services
.png)
Chart 4. Key partners in imports of services
.png)
Detailed data on exports and imports of services is available on the website of Lietuvos bankas (under External statistics).
Use the My Data Sets tool to create your own data sets, which are saved in your account and automatically updated as soon as they are published.
Download in PDF (81.6 KB download icon)