That dollar total results from a 39% increase compared to $33.3 billion during 2018.
From 2021 to 2022, the total value of Lithuanian exports grew 13.5% from $40.8 billion in 2021.
Based on the average exchange rate for 2022, Lithuania’s currency is the euro which depreciated by -12.1% against the US dollar since 2018 and diluted by -12.3% from 2021 to 2022. The weaker European Union currency in 2022 made Lithuania’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Best Trading Partners Buying Lithuanian Exports
The latest available country-specific data shows that 68.4% of products exported from Lithuania were bought by importers in: Latvia (12.8% of the Lithuanian total), Poland (9%), Germany (7.9%), Russia (6.2%), Estonia (5.7%), Netherlands (5.45%), United States of America (5.37%), Sweden (4.1%), United Kingdom (3.5%), Belarus (3.2%), Ukraine (2.6%) and Norway (2.5%).
From a continental perspective, 81.9% of Lithuania’s exports by value was delivered to fellow European countries while 9% was sold to Asian importers. Lithuania shipped another 5.8% worth of goods to North America.
Smaller percentages went to Africa (2.3%), Latin America (0.5%) excluding Mexico but including the Caribbean, then Oceania (0.4%) led by Australia and New Zealand.
Given Lithuania’s population of 2.82 million people, its total $46.3 billion in 2022 exports translates to roughly $16,500 for every resident in the Baltic country. That per-capita metric exceeds the average $14,600 in 2021.
Lithuania’s Top 10 Exports
The following export product groups represent the highest dollar value in Lithuanian global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Lithuania.
- Mineral fuels including oil: US$8 billion (17.2% of total exports)
- Furniture, bedding, lighting, signs, prefabricated buildings: $3.5 billion (7.6%)
- Vehicles: $2.9 billion (6.2%)
- Plastics, plastic articles: $2.8 billion (6%)
- Machinery including computers: $2.7 billion (5.8%)
- Electrical machinery, equipment: $2.6 billion (5.7%)
- Wood: $1.9 billion (4.2%)
- Other chemical goods: $1.4 billion (3%)
- Fertilizers: $1.3 billion (2.9%)
- Articles of iron or steel: $1.2 billion (2.5%)
Lithuania’s top 10 exports accounted for 60.9% of the overall value of its global shipments.
Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 92.8% since 2021.
In second place for improving export sales were vehicles which rose 31.9% led by exported Indonesian cars.
Lithuania’s shipments of plastics both as materials and items made from plastic posted the third-fastest gain in value, up by 11.3% year over year.
The leading decliner among Lithuania’s top 10 export categories was the miscellaneous chemical goods group, dragged down by a -19.8% drop.
At the detailed 4-digit Harmonized Tariff System level, Lithuania’s 10 most valuable exported products are processed petroleum oils (11.7% of the Lithuanian total), miscellaneous furniture (4.7%), petroleum gases (3.1%), cars (2.4%), wheat (2.2%), nitrogenous fertilizers (2%), polyacetal ether carbonates (1.9%), cigars, cigarellos or cigarettes (also 1.9%), miscellaneous diagnostic and laboratory reagents (1.6%), and medication mixes in dosage (1.5%).
Top Products Generating Trade Surpluses for Lithuania
The following types of Lithuanian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Furniture, bedding, lighting, signs, prefabricated buildings: US$2.8 billion (Up by 6.1% since 2021)
- Cereals: $947.6 million (Up by 8.3%)
- Wood: $695.7 million (Up by 42.3%)
- Tobacco, manufactured substitutes: $634 million (Up by 7.7%)
- Other chemical goods: $496.2 million (Down by -41%)
- Fertilizers: $430 million (Down by -49.1%)
- Plastics, plastic articles: $426 million (Up by 352.2%)
- Oil seeds: $382.3 million (Up by 17.2%)
- Dairy, eggs, honey: $370.4 million (Up by 21.2%)
- Modified starches, glues, enzymes: $338.8 million (Down by -7.8%)
Lithuania has highly positive net exports in the international trade of furniture, lighting, signs and prefabricated buildings. In turn, these cashflows indicate Lithuania’s strong competitive advantages under that product category.
Top Products Causing Trade Deficits for Lithuania
Lithuania incurred an overall -$8.6 billion trade deficit for 2022, swelling by 129.1% from the -$3.76 billion in red ink during 2021.
Below are exports from Lithuania that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Lithuania’s goods trail Lithuanian importer spending on foreign products.
- Mineral fuels including oil: -US$7.4 billion (Up by 130% since 2021)
- Vehicles: -$1.8 billion (Up by 2.2%)
- Machinery including computers: -$1.5 billion (Up by 0.9%)
- Electrical machinery, equipment: -$1.3 billion (Up by 33%)
- Organic chemicals: -$708.6 million (Up by 67.4%)
- Iron, steel: -$576.2 million (Up by 35.5%)
- Pharmaceuticals: -$532.2 million (Down by -0.9%)
- Paper, paper items: -$255 million (Up by 13%)
- Animal/vegetable fats, oils, waxes: -$254.8 million (Up by 42.5%)
- Fruits, nuts: -$229.8 million (Up by 4.4%)
Lithuania has highly negative net exports and therefore deep international trade deficits under the mineral fuels-related category, notably for crude oil, petroleum gases and electricity.
These cashflow deficiencies clearly indicate Lithuania’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Lithuania to improve its position in the global economy through
Lithuanian Export Companies
Wikipedia lists the following Lithuania-based companies involved in international trade.
- AB Stumbras (alcoholic beverages)
- Achema (fertilizers)
- Alita (alcoholic beverages)
- Dvarčionių keramika (ceramics)
- EKSPLA (photonics, lasers)
In macroeconomic terms, Lithuania’s total exported goods represent 34.9% of its overall Gross Domestic Product for 2022 ($132.7 billion valued in Purchasing Power Parity US dollars). That 34.9% for exports to overall GDP in PPP for 2022 compares to 34.7% one year earlier. Those percentages suggest a relatively increasing reliance on products sold on international markets for Lithuania’s total economic performance albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Lithuania’s unemployment rate averaged 5.925% for 2022, down from an average 7.113% one year earlier in 2021 according to the International Monetary Fund.
Lithuania’s capital city is Vilnius.
See also Lithuania’s Top 10 Imports, Lithuania’s Top Trading Partners, Russia’s Top Trading Partners and Russia’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 18, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 18, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 18, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 18, 2023
International Trade Centre, Trade Map. Accessed on April 18, 2023
Investopedia, Net Exports Definition. Accessed on April 18, 2023
Wikipedia, Gross domestic product. Accessed on April 18, 2023
Wikipedia, List of Companies of Lithuania. Accessed on April 18, 2023
Wikipedia, Purchasing power parity. Accessed on April 18, 2023