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Lithuanian exports stagnated due to slowing trade with CIS markets

Xinhua, July 9, 2015 Adjust font size:

Lithuanian exports decreased by 0.4 percent in the first four months of 2015, mostly due to the ongoing trade difficulties in the Commonwealth of Independent States (CIS) region, the Lithuanian Confederation of Industrialists announced on Thursday.

In nominal value, Lithuania's exports from January to April shrank by 12.2 million euro (13.47 million U.S. dollars)

In the same period last year, Lithuanian exports grew by 2.0 percent.

"Continuing problems in all regions of CIS had the biggest impact on the worsening exports situation; exports to these markets shrank by 41 percent this year," the confederation said in a statement.

Lithuanian exporters are facing the largest difficulties in the Russian market, where the Baltic country's exports shrank by 120 million euro, out of a total 126.6 million euro decrease to the whole CIS region. Lithuanian food production exports are among the most negatively affected, due to Russia's embargo. Moreover, exports of other groups of goods also decreased due to the slowdown of Russia's economy, the organization of Lithuanian industrialists said.

However, Lithuanian exporters managed to strengthen their position in the European market. The Baltic country's exports to the EU grew by 4.0percent, or 94 million euro, in the first four months this year.

Decreasing exports to Eastern markets were partially offset by growing trade with new export destinations. Exports to the new markets grew by 55 million euro, mostly due to increased trade volumes with North America, with exports of Lithuania's chemical industry, food production, and vehicle industry taking the lead.

Exports to Asian markets grew by 45 percent, or nearly 18 million euro in the January to April period. Endit