The Bank of Lithuania and Statistics Lithuania report that in Q2 2022, exports of services amounted to €4.2 billion, a year-on-year increase of 25.5%, whereas imports of services stood at €2.6 billion, growing by 33.1% year on year.
The surplus on the balance of services (€1.6 billion or 10.2% of GDP) grew by 15.1% over the year.
In Q2 2022, the largest year-on-year rise was recorded in exports and imports of travel services (3.7 and 3.9 times respectively), while exports and imports of transport services increased the most in monetary terms (€402.2 and €276.8 million respectively).
Transport services comprised the largest share of exports and imports of services (54.0% and 51.5% respectively). In Q2 2022, the largest surplus (€1,010.4 million) was recorded on the balance of road transport services, while the largest deficit (€214.8 million) – on the balance of sea transport services.
Exports of services to the European Union (EU) Member States (27) went up by 32.3% year on year and accounted for 75.2% of total exports of services, i.e. this share increased by 3.8 percentage points within the whole structure of exports of services. Imports of services from the EU Member States rose by 46.9% over the year and stood at 73.0%, i.e. this share increased by 6.8 percentage points within the whole structure of imports of services.
Germany remains Lithuania’s major partner in exports of services. Exports to this country expanded by 28.6% year on year. Transport (69.9%) and other business (9.1%) services comprised the largest share of total exports of services to Germany.
Lithuania’s main partner in imports of services was Poland. Imports from this country grew by 75.4% year on year. The largest share of imports of services from Poland consisted of transport and travel services (77.6% and 8.5% respectively).
When calculating the balance of payments data for Q2 2022, the service data series for quarterly and monthly balance of payments position from 2017 was revised.
