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Lithuania‘s services export to the Indo-Pacific grew by 36 % last year

Lithuania‘s services export to the Indo-Pacific grew by 36 % last year

According to the latest data of the Bank of Lithuania, in 2023, Lithuania‘s services export to  10 Indo-Pacific countries (Australia, Japan, India, South Korea, Singapore, Indonesia, Taiwan, Vietnam, Malaysia, and Thailand) grew by 36 % (from EUR 167 million to EUR 228 million). 

“The fast-growing Lithuania‘s services export to Indo-Pacific countries proves that our path of economic diversification has been the right decision. At the same time, it is also a sign of recognition of Lithuanian business—in just a few years, Lithuanian companies managed to attract interest in their services and products and gain significant confidence in the global markets,” said Minister Landsbergis during his visit to the Philippines and South Korea.

European Union, the European Economic Area, the OECD and NATO remain the main direction of Lithuania’s services. Exports to the markets of these countries grew by 23 % in 2023 (from EUR 14.7 billion to EUR 18 billion). They accounted for 90 % of Lithuania’s total services exports (in 2022, respectively, accounted for 84 % of total Lithuanian service exports). 

Trade in services with China, Belarus and Russia continues to decline. In 2023, services exports to these countries fell by 21 % (from EUR 851 million to EUR 667 million). They accounted for 3.3 % of total Lithuanian service exports (in 2022, respectively, accounted for 5 % of total Lithuanian service exports). 

Transport services accounted for the largest share of Lithuanian service exports (47 %), followed by other business services (17 %) and telecommunications, computer, and information services (10 %). 

Lithuania’s total service exports amounted to EUR 21.2 billion, showing an increase of 16 % compared to 2022.

The results show Lithuanian businesses’ dynamic adaptation to changing technology and market trends and their actively expanding geography of activities. 

Source of statistics: Bank of Lithuania