By the reason of the economic crisis, trade volumes are declining, however, Lithuania manages to maintain export. The decrease in domestic consumption made the import decrease, but consumers’ confidence is rising, so it is likely that volume of import will also remain stable.
Lithuania has a lot to export
The main partners of export of Lithuania remain Russia (12.5%), Latvia (10.2%), Germany (9.3%), Estonia (6.6%). Many belongings are exported to Poland, the Netherlands, Great Britain. In the structure of export dominate the EU countries - 65 %, about 22 % - CIS countries.
Mykolas Aleli?nas, vice president and CEO of the Confederation of Lithuanian Industrialists, convinces that the economy and industry of Lithuania are competitive. "The reduction in the export market and domestic consumption does not mean that the industry is not competitive. Do our furniture manufacturers produce bad furniture or do our textile manufacturers sew badly? No, because foreign companies entrust large orders for the Lithuanians. The Lithuanian laser or electric metering devices are known to almost all the world, production has customers around the world, “maintains M. Aleli?nas.
Vadimas Titarenka, an economist, the leader of the DnB Nord Bank Economic Research Group, explains that Lithuania definitely has what to export and the ties that are established among neighbors are quite natural. “We have a lot to export from the industry. We have well established food industry and the agriculture is competitive enough either. Lithuanian food industry is really important for the growing markets such as of India or China. Worldwide downturn these markets are rapidly increasing, and in the beginning of the recovery the growth will be even faster. The majority of analysts, even the international institutions forecast that global demand for food will increase, so we have a decent position in the strengthening of export ", - said V. Titarenko.
Interviewer believes that in the conditions of the economic crisis affecting the stability of the economy is sufficiently diversified Lithuanian industry which is capable to export products to different markets. In the structure of industry of neighboring Baltic States certain activities dominate, that is why the export is sometimes limited.
“We are very competitive looking from the export of industry perspective. The real problem is that Lithuania is small exporter of services in comparison with Latvia and Estonia. High hopes were placed that we can export the information technology, tourism services, but in this case, we are significantly behind neighboring countries and there is untapped potential in this place. Now, the export structure of most of the goods consists of products of traditional industries, thus we should promote a high and medium high-tech development in Lithuania ", - said V. Titarenko.