Lithuania’s performance in the export market remained in the comfort zone in the first month of the year, data from Statistics Lithuania showed last week.
Overall, exports of goods of Lithuanian origin increased by 2.2% in January, the data showed. The breakdowns, prepared on the basis of non-final data obtained from customs declarations and Intrastat reporting data showed Lithuanian exports in January amounted to 5.6bn litas (€1.62bn ), while imports at 6.4bn litas. Foreign trade deficit of Lithuania amounted to 0.8bn litas in the month.
In 2012, Lithuanian business sales abroad are expected to expand, yet showing a significantly smaller growth pace.
Lithuania exports around 60% of its goods to the European Union which is passing through a challenging time. However, Russia continues to offer a promising market for Lithuanian exporters thanks to high oil prices. Last year, Lithuanian exports to Russia accounted for 17% of the total.
The latest estimates suggest that the growth of the economies, where Lithuania exported most of all last year, will slow down much more than in 2011.