• On the back of strong momentum, the coronavirus crisis did not significantly affect Lithuanian exports, which dropped by 2.4% (excluding mineral products) during the first six months of 2020.
• Food and fertiliser production, which constitute a big share of total exports, experienced no negative effect during the pandemic; this may explain the source of resilience.
• Imports, which experienced a 7.5% slump (except petroleum) during the same period, should soon get back to normal, with consumer confidence and retail trade rebounding quickly.

Against most expectations, Lithuanian exports have not experienced a significant drop during the pandemic. In June, exports of goods of national origin (excluding petroleum) were almost 4% higher than a year ago. It seems that favourable export structure, in which food production, furniture manufacturing, and chemical industry play the first violin, has built up a greater trade resilience to globally introduced lockdowns.

The drop in imports might reflect a tendency for companies to empty their warehouses, as well as for customers to postpone non-first-necessity purchases due to the great uncertainty during the pandemic. With consumer confidence and retail trade rebounding quickly, imports should bounce back soon as well.

Read the full analysis here

For more information please contact:

Greta Ilekytė - greta.ilekyte@swedbank.lt; +370 620 15270

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