That dollar total results from a 28.6% increase compared to $33.2 billion five years earlier during 2019.
From 2022 to 2023, the total value of Lithuanian exports fell -8.3% starting from $46.5 billion.
Based on the average exchange rate for 2023, Lithuania’s currency is the euro which depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.6% from 2022 to 2023. The weaker European Union currency compared to 2019 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 67.2% of products exported from Lithuania was bought by importers in: Latvia (10.8% of the Lithuanian total), Poland (9.3%), Germany (7.8%), Netherlands (5.9%), Estonia (5.5%), Russia (5.4%), United States of America (4.8%), Belarus (4.3%), Sweden (4%), United Kingdom (3.8%), Ukraine (3.1%) and France (2.6%).
From a continental perspective, 81.6% of Lithuania’s exports by value was delivered to fellow European countries while 9.4% was sold to Asian importers. Lithuania shipped another 5.3% worth of goods to North America.
Lithuania joined the European Union on May 1, 2004. Fellow EU member states bought 60.8% of overall Lithuanian export sales.
Smaller percentages went to buyers in Africa (2.8%), Latin America (0.6%) excluding Mexico but including the Caribbean, then Oceania (0.3%) led by Australia and New Zealand.
Given Lithuania’s population of 2.88 million people, its total $42.6 billion in 2023 exports translates to roughly $14,800 for every resident in the Baltic country. That per-capita metric lags the average $16,500 in 2022.
Lithuania’s Top 10 Exports
The following export product groups represent the highest dollar value in Lithuanian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Lithuania.
- Mineral fuels including oil: US$6.3 billion (14.7% of total exports)
- Vehicles: $3.21 billion (7.5%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $3.2 billion (7.5%)
- Electrical machinery, equipment: $3.1 billion (7.3%)
- Machinery including computers: $2.5 billion (5.9%)
- Plastics, plastic articles: $2.2 billion (5.2%)
- Wood: $1.5 billion (3.5%)
- Optical, technical, medical apparatus: $1.3 billion (3%)
- Cereals: $1.22 billion (2.9%)
- Pharmaceuticals: $1.17 billion (2.8%)
Lithuania’s top 10 exports accounted for 60.2% of the overall value of Lithuanian shipments.
Optical, technical and medical apparatus was the fastest grower among the top 10 export categories, up by 18% since 2022.
In second place for improving export sales was electrical machinery and equipment via a 15.9% advance.
Lithuania’s shipments of vehicles posted the third-fastest gain in value, up by 11%.
The leading decliner among Lithuania’s top 10 export categories was wood, pulled down by a -22.2% setback.
At the detailed 4-digit Harmonized Tariff System level, Lithuania’s 10 most valuable exported products were processed petroleum oils (12% of the Lithuanian total), miscellaneous furniture (4.6%), cars (3%), wheat (2.4%), cigars, cigarellos or cigarettes (1.8%), medication mixes in dosage (1.7%), phone devices including smartphones (1.6%), miscellaneous diagnostic and laboratory reagents (1.5%), polyacetal ether carbonates (1.4%), then seats excluding barber or dentist chairs (also 1.4%).
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, prefab buildings: US$2.6 billion (Down by -8.3% since 2022)
- Cereals: $1 billion (Up by 5.3%)
- Wood: $628.5 million (Down by -9.7%)
- Tobacco, manufactured substitutes: $527.1 million (Down by -16.2%)
- Other chemical goods: $334.5 million (Down by -29.3%)
- Dairy, eggs, honey: $259 million (Down by -28.5%)
- Fertilizers: $248.5 million (Down by -42.8%)
- Plastics, plastic articles: $234.8 million (Down by -43.1%)
- Felt, yarn, twine, ropes, cables: $220.8 million (Up by 34.2%)
- Optical, technical, medical apparatus: $216.4 million (Up by 19.7%)
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 -US$5.8 billion trade deficit for 2023, reducing by -32.7% from the -$8.6 billion in red ink during 2022.
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$3.4 billion (Down by -55.9% since 2022)
- Vehicles: -$2.5 billion (Up by 37.3%)
- Machinery including computers: -$1.6 billion (Up by 5%)
- Electrical machinery, equipment: -$1.1 billion (Down by -14.2%)
- Pharmaceuticals: -$603.6 million (Up by 13.2%)
- Organic chemicals: -$485.4 million (Down by -31.1%)
- Iron, steel: -$386.9 million (Down by -32.8%)
- Fruits, nuts: -$223 million (Down by -2.7%)
- Paper, paper items: -$206.8 million (Down by -18.8%)
- Tanning, dyes, paints, varnishes, ink: -$205.4 million (Up by 11.3%)
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 30.9% of its overall Gross Domestic Product for 2023 ($138.1 billion valued in Purchasing Power Parity US dollars). That 30.9% for exports to overall GDP in PPP for 2023 compares to 34.9% one year earlier. Those percentages suggest a relatively decreasing 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 6.558% for 2023, up from an average 5.925% one year earlier in 2022 according to International Monetary Fund statistics.
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 May 2, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 2, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 2, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 2, 2024
International Trade Centre, Trade Map. Accessed on May 2, 2024
Investopedia, Net Exports Definition. Accessed on May 2, 2024
Wikipedia, Gross domestic product. Accessed on May 2, 2024
Wikipedia, List of Companies of Lithuania. Accessed on May 2, 2024
Wikipedia, Purchasing power parity. Accessed on May 2, 2024