Lithuania's trade suffers as coronavirus impacts imports and exports

Imports and Exports | | MIC Customs Solutions |

Trade has declined in Lithuania, even with minimal coronavirus cases.

Despite recording far fewer cases of coronavirus than its neighbors in Europe, Lithuania is still feeling the pinch from an economic perspective.

This is according to new figures seen by BNE Intellinews, which show the nation's exports and imports decreased by 8.2 per cent and 13.6 per cent respectively in the first half of 2020 when compared with the same period in 2019.

In July, Lithuania's exports were recorded as being €2.33 billion, while imports amounted to €2.5 billion. This meant imports for the month were down by a substantial 12.7 per cent year-on-year, with exports having fallen by 5.9 per cent.

However, there were suggestions of light at the end of the tunnel, with exports increasing by 5.8 per cent and imports going up 10.3 per cent in July compared with June 2020.

This was attributed to an increase in shipments of petroleum products as the world began to reduce lockdown measures and travel again.

According to the World Bank, foreign trade represented 149 per cent of Lithuania's GDP in 2018.

This openness of its economy is likely to be why the Baltic nation is suffering as a result of the pandemic, despite only recording a total of 3,386 coronavirus cases since July.

Around 25 per cent of its production inputs need to be sourced abroad, so disruptions in global supply and manufacturing chains have negatively affected its industry.