In Q3 2018, the surplus on the balance of services increased by €236.2 mln, or 26.2% year on year; this was due to growth in exports of services which outpaced growth in import of services – 20.2% and 16.1% respectively. During the quarter, year on year, the strongest growth was recorded in exports of financial services (33.2%) and imports of construction services (3.8 times).
Transport services comprised the main bulk of exports and imports of services (58.7% and 53.2% respectively). In Q3 2018, the largest surplus (€556.9 mln) was recorded on the balance of road transport services, while the largest deficit (€70.0 mln) – on the balance of sea transport services.
Exports of services to EU countries made up 64.9% of total exports of services, to CIS countries – 19.8%. Imports of services from EU countries accounted for 63.4% of total imports of services, from CIS countries – 19.7%.
In Q3 2018, exports of services to EU countries grew by 20.7%, to CIS countries – 12.1% year on year. Over the year, imports of services from EU countries rose 14.9%, from CIS countries – 11.4%.
Germany was Lithuania’s major partner in exports of services in Q3 2018. The volume of exports to this country expanded by 29.5% over the year. Exports of services to Russia – second in terms of export volumes – rose by 4.1% (see Chart 2).
The largest share of total exports of services to Germany was comprised of transport (72.9%) and travel (9.1%) services, to Russia – transport (62.9%) and travel (31.4%) services.
Over the year, the volume of imports from this country expanded by 7.8%, from Poland (second major partner) – 18.4%. The composition of services imported from Belarus and Poland remained unchanged. The largest share of imports of services from Belarus consisted of transportation and travel services (72.0% and 22.5% respectively), from Poland – 61.5% and 26.2% respectively.
