Bank of Lithuania
2021-03-30
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Review of the Balance of Payments services exports and imports for Q4 2020 (Joint release by the Bank of Lithuania and Statistics Lithuania)

The Bank of Lithuania and Statistics Lithuania report that exports of services amounted to €2.9 billion in Q4 2020, decreasing year on year by 8.4%, whereas imports of services stood at €1.6 billion, declining by 16.5% year on year.

The surplus in the balance of services (€1.3 billion or 10.4% of GDP) rose by 3.3% year on year (see Chart 1).

In Q4 2020, the largest year-on-year fall was registered in exports of travel services (77.5%) and their imports (78.0%) (see Table).

Transport services comprised the largest share of export and import of services (64.2% and 56.5% respectively). In Q4 2020, the largest surplus (€745.4 million) was recorded on the balance of road transport services, while the largest deficit (€17.3 million) – on the balance of sea transport services.

Exports of services to the European Union (EU) Member States (27) accounted for 69.9% of total exports of services, a year-on-year drop of 3.9%. Imports of services from the EU Member States accounted for 61.3% of total imports of services, contracting year on year by 16.5%.

Germany was Lithuania’s main partner in exports of services in Q4 2020. The volume of exports to this country decreased by 1.6% year on year (see Chart 2). Transport (80.3%) and other business (6.5%) services comprised the largest share of total exports of services to Germany.

In the period under review, Lithuania’s main partner in imports of services was Poland (see Chart 3). The volume of imports from this country increased by 4.2% year on year. The largest share of total imports of services from Poland consisted of transport and other business services (85.0% and 7.1% respectively).

Chart 1. Balance of services

Exports and imports of services in Q4 2020: composition and annual change

 

Export

Import

EUR millions 

Share,%

Annual

change, %

EUR millions

Share,%

Annual

change, %

Total services

2,896.0

100.0

-8.4

1,561.6

100.0

-16.5

Technical maintenance and repair services

58.5

2.0

-37.1

49.0

3.1

-12.1

Transport services

1,859.4

64.2

-0.7

881.5

56.5

-0.4

Carriage of passengers

17.2

0.6

-63.0

4.7

0.3

-90.1

Freight

1,183.8

40.9

3.8

489.8

31.4

4.2

Other transport services

658.4

22.7

-4.0

387.0

24.8

5.2

Travel

60.0

2.1

-77.5

58.1

3.7

-78.0

Construction

108.6

3.7

-7.6

16.0

1.0

-31.5

Financial services

51.0

1.8

-8.2

25.2

1.6

-28.6

Telecommunications, computer and information services

260.8

9.0

28.7

130.3

8.4

-4.7

Telecommunications services

19.3

0.7

-18.6

20.7

1.3

-20.7

Computer services

232.5

8.0

35.4

99.2

6.4

-1.2

Information services

9.0

0.3

22.8

10.4

0.7

1.6

Other business services

388.4

13.4

-1.8

333.3

21.3

-15.7

Research and technological development services

19.4

0.7

1.7

5.4

0.3

60.7

Professional and advisory management services

123.3

4.2

20.3

110.0

7.0

37.1

Technical, trade-related and other business services

245.7

8.5

-10.4

217.9

14.0

-30.1

Other undistributed services

109.3

3.8

-30.7

68.2

4.4

-9.4

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).

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