2025-03-31
Review of the Balance of Payments services exports and imports for Q4 2024
Today, Lietuvos bankas published the data on the international trade in services for the fourth quarter of 2024, which show that:
in the fourth quarter of 2024, exports of services amounted to €6.0 billion, a year-on-year increase of 1.4%, whereas imports of services stood at €3.9 billion, up by 7.7% year on year.
The surplus on the balance of services (€2.1 billion or 10.5% of GDP) went up by 18.6% over the year (see Chart 1).
In the fourth quarter of 2024, the most rapid year-on-year rise was recorded in exports (24.6%) and imports (a factor of 2.1) of construction services, while exports (€192.0 million) and imports (€178.7 million) of transport services increased the most in monetary terms.
Transport services comprised the largest share of exports and imports of services (44.9% and 44.0% 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 (€129.4 million) was on the balance of sea freight transport services.
In the fourth quarter of 2024, exports of services to the EU Member States went up by 8.2% year on year and accounted for 73.3% of total exports of services, i.e. this share contracted by 2.1 percentage points within the whole structure of exports of services. Imports of services from the EU Member States rose by 8.0% over the year and accounted for 73.4%, i.e. this share grew by 0.2 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 decreased by 4.5% over the year (see Chart 3). Transport (62.2%) and other business (10.7%) services comprised the largest share of total exports of services to Germany.
Poland was Lithuania’s main partner in imports of services (see Chart 4). Imports from this country grew by 26.3% year on year. Transport and travel services (70.1% and 15.5% 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
Chart 3. Key partners in exports of services
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Chart 4. Key partners in imports of services
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When calculating the data for the fourth quarter of 2024, the data for the first to third quarters of 2024 were revised.
Detailed data on exports and imports of services is available on the Bank of Lithuania website (under External statistics).
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