Review of the Balance of Payments services exports and imports for Q2 2020 (Joint release by the Bank of Lithuania and Statistics Lithuania)
Export and import of services decreased in Q2 2020, compared to the same period last year (by 20.6% and 29.5% respectively), reported by the Bank of Lithuania and Statistics Lithuania.
The surplus of the balance of services remained positive (€1.2 billion, or 10.1% of GDP) and contracted by 8.2% over the year (see Chart 1).
In Q2 2020, year on year, exports of travel services (87.9%) and imports (89.1%) fell most rapidly (see the table below).
Transport services comprised the main bulk of export and import of services (64.0% and 55.9% respectively). In Q2 2020, the largest surplus (€624.7 million) was recorded on the balance of road transport services, while the largest deficit (€15.2 million) - on the balance of postal and courier services.
Exports of services to European Union (EU) Member States (27) accounted for 68.1% of total exports of services, a year-on-year drop of 17.6%. Imports of services from EU Member States accounted for 65.1% of total imports of services, a year-on-year drop of 25.3%.
Germany was Lithuania's major partner in exports of services in Q2 2020. The volume of exports to this country decreased by 10.2% over the year (see Chart 2). Transport (79.1%) and other business (6.5%) 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 by 17.5% over the year. The largest share of total imports of services from Poland consisted of transport and other business services (83.1% and 7.0% respectively).
Chart 1. Balance of services
Exports and imports of services in Q2 2020: composition and annual change
Export | Import | |||||
EUR millions | Share,% | Annual change, % | EUR millions | Share,% | Annual change, % | |
Total services | 2,408.1 | 100.0 | -20.6 | 1,240.5 | 100.0 | -29.5 |
Technical maintenance and repair services | 48.9 | 2.0 | -49.6 | 29.4 | 2.4 | -44.0 |
Transport services | 1,540.7 | 64.0 | -13.6 | 692.9 | 55.9 | -18.8 |
Carriage of passengers | 15.4 | 0.6 | -62.6 | 5.3 | 0.4 | -89.3 |
Freight | 967.3 | 40.2 | -5.8 | 374.2 | 30.2 | -13.6 |
Other transport services | 558.0 | 23.2 | -22.1 | 313.4 | 25.3 | -15.7 |
Travel | 46.7 | 1.9 | -87.9 | 38.3 | 3.1 | -89.1 |
Construction | 83.4 | 3.5 | -11.1 | 18.5 | 1.5 | -62.1 |
Financial services | 50.3 | 2.1 | 30.7 | 29.4 | 2.4 | -26.2 |
Telecommunications, computer and information services | 242.9 | 10.1 | 46.9 | 116.1 | 9.3 | 38.3 |
Telecommunications services | 19.8 | 0.8 | 8.1 | 22.3 | 1.8 | 1.7 |
Computer services | 214.7 | 8.9 | 51.8 | 86.0 | 6.9 | 57.1 |
Information services | 8.4 | 0.4 | 49.6 | 7.8 | 0.6 | 7.7 |
Other business services | 296.8 | 12.3 | -13.6 | 261.0 | 21.0 | -5.6 |
Research and technological development services | 12.5 | 0.5 | -15.2 | 3.1 | 0.2 | -20.5 |
Professional and advisory management services | 88.0 | 3.7 | 10.5 | 75.8 | 6.1 | 42.1 |
Technical, trade-related and other business services | 196.3 | 8.1 | -21.2 | 182.1 | 14.7 | -16.9 |
Other undistributed services | 98.4 | 4.1 | -20.0 | 54.9 | 4.4 | 1.3 |
Sources: Bank of Lithuania and Statistics Lithuania.
Chart 2. Key partners in exports of services
Chart 3. Key partners in imports of services
It should be noted that in calculating the balance of payments services data for the second quarter of 2020, the historical data series since 2004 have been revised.
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 30 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2020 07:19:05 UTC
