Lithuanian exports

In January for the first time since August 2007, Russia lost its position as the most important export market for Lithuanian products.

With a small domestic market, Lithuanian entrepreneurs are more and more often looking to foreign markets for opportunities to develop and expand their businesses. While many have been looking to the US or Western Europe, others have also begun glancing eastwards at markets like India and China.

Lithuanian exports to Israel increased by 40.6% in 2015 according to the latest statistics, and put Lithuania only second to Ireland in export growth to Israel among EU countries.

Lithuanian entrepreneurs have been turning away from Russia as their primary market for exports and setting their sight on the Nordic countries. However, different rules apply in Scandinavia, with easy profits hard to come by.

Lithuania may soon be able to export its dairy products to China as the country is due to receive certificates that allows entry of its dairy products into Chinese markets.

Lithuanian exports grew by 2.6% last year, excluding oil products, despite the Russian embargo on many Lithuanian goods, with exports to Russia falling by more than 50%.

Lithuania is the fourth biggest direct exporter to the Belarusian market and the leader among EU countries, according to the latest figures.

After Lithuanian economist Nerijus Mačiulis said recently that the new government in Poland made the country as unpredictable a business partner as Russia, Lithuanian businesspeople counter him by insisting they do not see any threats in doing business with the neighbouring country.

Lithuanian Railways has begun regular shipments between Lithuania and Italy that will open export routes for Lithuanian goods.

After riding themselves of dependence on unpredictable markets in Russia Lithuanian exporters are facing another potential crisis in Poland, according to Swedbank economist Nerijus Mačiulis.

Poland is now as unpredictable as Russia, says Swedbank chief economist Nerijus Mačiulis, adding that recent developments in Poland, which has become the second-largest export market for Lithuanian goods, may have negative repercussions for Lithuania.

“The beginning of 2016 was one of the worst years in history for raw material and stock prices,” said Swedbank Chief Economist Nerijus Mačiulis. On Tuesday, he presented his projections for economic growth in Lithuania, and the prospects for exports and the international economy.