Page 35 - CE Outlook Regions 2023

2.3% and 5.2% respectively). The primary income deficit decreased by
34.2% to €120.0 million.

The negative net flow of financial account investment (€677.3 million)
was mainly driven by the negative net other investment and direct
investment flows.

According to Lithuania’s Department of Statistics, exports of goods of
Lithuanian origin reached €12.7 billion between January and June
2022, and increased by 31.1% compared to the corresponding period
of the previous year.

Meanwhile, Lithuania’s total exports increased by 27.4 % over the
same period and reached €20 billion.

The trend in exports to the Indo-Pacific was particularly encouraging.
Goods of Lithuanian origin were actively imported by Singapore (€146
million, + 160.1 %), Australia (€79.7 million, + 109.6 %), South Korea
(€55 million, + 48 %), and Indonesia (€8.7 million, + 84.2 %). Positive
dynamics were also in the export of Lithuanian-origin goods to Taiwan
(€11.5 million, + 30 %).

Total exports of Lithuanian-origin goods to the10 Indo-Pacific countries
(Australia, Japan, India, South Korea, Singapore, Indonesia, Taiwan,
Vietnam, Malaysia, and Thailand) increased by 60.4 % in the first half of
2022 (from €249 million to €400 million respectively) and already more
than four times exceeds the volume of exports to China between
January and June of the last year.

Total exports to these 10 Indo-Pacific countries increased by 56.5% in
the first half of 2022, y/y, from €297.6 million to €456.7 million. Exports
to China decreased by almost 87 % in the first half of 2022, amounting
to €11.8 million.

Germany, Poland and the US remained the leading destinations of
exports of Lithuanian origin goods (exports increased by 27, 5, 76, 1,
and 1.5%, respectively) in the first half of 2022.

The main ten markets for Lithuania's exports are topped by Latvia (+
60%), Sweden (+ 28%), the Netherlands (+ 28%), and the United
Kingdom (+ 24.2%). Estonia was the eighth leading destination of
exports of Lithuanian origin goods. It is exceptional because exports of
goods of Lithuanian origin increased by 9 % to this country. Estonia is
followed by Norway (+ 6.8%) and Denmark (+ 28.4%).

As of the time of writing the report, the newest export-import data came
from the Statistics Lithuania, showing that Lithuania's exports totalled
€4.21 billion in October, down by 4.7% m/m, but up by 30.6% from a
year ago.

35 CE Outlook 2023 www.intellinews.com