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Roundup: Lithuanian exports decrease slightly in 2014

Xinhua, February 7, 2015 Adjust font size:

Lithuanian exports of goods decreased by 0.6 percent and imports increased by 1.2 percent in 2014 over 2013, Statistics Lithuania announced on Friday.

The decrease of exports was mostly due to significant decrease in exports of oil products (24.4 percent) and land transport (20 percent).

Growth of imports of electrical equipment (35.2 percent), boilers and machines (22.1 percent) contributed to imports increase to Lithuania last year, statistics show.

According to data from Statistics Lithuania, exports from Lithuania amounted to 25.5 billion euros (about 28.8 billion U.S. dollars) in 2014 and imports to 26.5 billion euros.

Russia, with 20.8 percent share of Lithuania's total exports, remained the top destination country of Lithuania's external trade. Lithuania's total exports to Russia, including re-exports, rose by 4.4 percent last year, nevertheless, exports of goods of Lithuanian origin to this market decreased by 16.3 percent, due to weakening exports of milk and dairy products (35.3 percent), meat products and meat sub-products (44.8 percent) and land vehicles (30.6 percent).

Latvia enjoyed 9.2 percent share of all Lithuanian exports, Poland (8.3 percent) and Germany (7.2 percent) were Lithuania's other main export partners in 2014.

Statistics point to redirecting of Lithuanian origin exports from Russia to Western and other markets, Donatas Brazdzius, senior analysts at DNB Bank in Vilnius said in a commentary released on Friday.

According to him, shrinkage of Lithuanian exports to Russia became more significant at the end of 2014. In the last quarter of 2014, exports of goods of Lithuanian origin to Russia, excluding oil products, decreased by 28 percent and amounted only 4.2 percent of all exports of this category.

"It looks like we can somewhat relax since the main blow from Russian market's loss has been effectively sustained and new markets for the goods of Lithuanian origin have been found," Brazdzius said.

Lithuanian transport sector, highly dependent on re-exports to Russia, is still to recover after losses due to restrictions from Russia's side, he noted.

"It will not be easy to find some alternative for this sector," the economist said. (1 euro = 1.13 U.S. dollars) Endit