Review of the Balance of Payments services exports and imports for Q3 2020 (Joint release by the Bank of Lithuania and Statistics Lithuania)
Export and import of services decreased in Q3 2020, compared to the same period last year (by 14.2% and 23.5% respectively), as reported by the Bank of Lithuania and Statistics Lithuania.
The surplus in the balance of services remained positive (€1.3 billion or 9.8% of GDP), declining year on year by 1.5% (see Chart 1).
In Q3 2020, the largest year-on-year fall was registered in exports of travel services (76.1%) and their imports (76.7%) (see Table).
Transport services comprised the largest share of export and import of services (64.2% and 57.1% respectively). In Q3 2020, the largest surplus (€706.7 million) was recorded in the balance of road transport services, while the largest deficit (€23.9 million) was observed in the balance of sea transport services.
Exports of services to European Union (EU) Member States (27) accounted for 70.1% of total exports of services, a year-on-year drop of 8.1%. Imports of services from EU Member States accounted for 64.8% of total imports of services, contracting year on year by 17.7%.
Germany was Lithuania's main partner in exports of services in Q3 2020. The volume of exports to this country decreased by 5.9% year on year (see Chart 2). Transport (76.9%) and other business (6.4%) services comprised the largest share of total exports of services to Germany.
In the period under review, Lithuania's main partner in imports of services was Poland (see Chart 3). The volume of imports from this country decreased year on year by 17.8%. The largest share of total imports of services from Poland consisted of transport and other business services (80.6% and 8.6% respectively).
Chart 1. Balance of services
Exports and imports of services in Q3 2020: composition and annual change
Export | Import | |||||
EUR millions | Share,% | Annual change, % | EUR millions | Share,% | Annual change, % | |
Total services | 2,673.6 | 100.0 | -14.2 | 1,376.4 | 100.0 | -23.5 |
Technical maintenance and repair services | 57.6 | 2.2 | -40.6 | 18.5 | 1.3 | -53.5 |
Transport services | 1,715.0 | 64.2 | -4.1 | 785.2 | 57.1 | -11.5 |
Carriage of passengers | 20.1 | 0.8 | -61.1 | 14.9 | 1.1 | -70.8 |
Freight | 1,089.6 | 40.8 | 0.5 | 430.9 | 31.3 | -6.4 |
Other transport services | 605.3 | 22.6 | -7.2 | 339.4 | 24.7 | -9.7 |
Travel | 99.9 | 3.7 | -76.1 | 86.3 | 6.3 | -76.7 |
Construction | 97.0 | 3.6 | -0.8 | 13.1 | 1.0 | -31.7 |
Financial services | 42.7 | 1.6 | 13.6 | 31.8 | 2.3 | -9.3 |
Telecommunications, computer and information services | 220.1 | 8.2 | 34.3 | 107.8 | 7.8 | 21.3 |
Telecommunications services | 24.1 | 0.9 | 17.7 | 23.7 | 1.7 | -1.0 |
Computer services | 189.6 | 7.1 | 37.2 | 76.2 | 5.5 | 31.2 |
Information services | 6.4 | 0.2 | 21.5 | 7.9 | 0.6 | 14.7 |
Other business services | 332.0 | 12.4 | -13.0 | 271.3 | 19.7 | -7.3 |
Research and technological development services | 18.0 | 0.7 | 32.6 | 3.3 | 0.2 | 35.3 |
Professional and advisory management services | 96.5 | 3.6 | 29.7 | 74.2 | 5.4 | 40.8 |
Technical, trade-related and other business services | 217.5 | 8.1 | -25.9 | 193.8 | 14.1 | -18.4 |
Other undistributed services | 109.3 | 4.1 | -17.7 | 62.4 | 4.5 | -4.9 |
Sources: Bank of Lithuania and Statistics Lithuania.
Chart 2. Key partners in exports of services
Chart 3. Key partners in imports of services
Detailed data on exports and imports of services is available on the Bank of Lithuania website (External statistics).
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Bank of Lithuania published this content on 04 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2021 08:17:10 UTC
