Lithuania - Market OverviewLithuania - Market Overview
Entrance into the European Union in 2004 made Lithuania part of one of the world's largest markets, with 456 million consumers, and increased Lithuania's appeal as a destination for U.S. goods and services. Lithuania's proximity to markets of the Community of Independent States (CIS), the country's improving infrastructure, competitive living and operating costs, and highly-skilled workforce offer opportunities for U.S. producers and suppliers to expand into EU and global markets.
Lithuania has been a member of the WTO since 2002 and joined the EU and NATO in 2004. Lithuania adopted the Euro currency on January 1, 2015. Lithuania’s determination to join the EU and NATO accelerated improvements in Lithuania's legal and banking systems and tax and customs regimes; the fiscal restraints the government imposed in order to meet EU accession commitments spurred dramatic economic growth and business development.
Today, Lithuania presents an open and rapidly growing economy. Gross domestic product rose by 3.6% in 2018 and is forecasted to grow by 2.8% in 2019 and 2.4% in 2020 – outpacing EU growth averages. The government has prioritized fiscal discipline, and its 2019 budget anticipates a EUR 1.5 billion surplus.
Lithuanian exports in the first quarter of 2018 totaled EUR 11 billion, and imports reached EUR 12.3 billion. Compared to 2017, exports and imports grew by 6% and 7%, respectively.
In 2018 Lithuania’s largest trade partner was Russia, which accounted for 12.8% of Lithuania’s exports and 14.3% imports. U.S. exports to Lithuania in 2017 reached $395 million; U.S. imports from Lithuania totaled $1.482 billion during the same period. According to Lithuanian trade data, the United States was Lithuania’s 11th largest trading partner in 2017, making up 1.2% of total trade turnover.
A wide range of economic and demographic statistics is available on the website of Lithuania's Department of Statistics.
Prepared by the International Trade Administration. With its network of more than 100 offices across the United States and in more than 75 markets, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Lithuania has been a member of the WTO since 2002 and joined the EU and NATO in 2004. Lithuania adopted the Euro currency on January 1, 2015. Lithuania’s determination to join the EU and NATO accelerated improvements in Lithuania's legal and banking systems and tax and customs regimes; the fiscal restraints the government imposed in order to meet EU accession commitments spurred dramatic economic growth and business development.
Today, Lithuania presents an open and rapidly growing economy. Gross domestic product rose by 3.6% in 2018 and is forecasted to grow by 2.8% in 2019 and 2.4% in 2020 – outpacing EU growth averages. The government has prioritized fiscal discipline, and its 2019 budget anticipates a EUR 1.5 billion surplus.
Lithuanian exports in the first quarter of 2018 totaled EUR 11 billion, and imports reached EUR 12.3 billion. Compared to 2017, exports and imports grew by 6% and 7%, respectively.
In 2018 Lithuania’s largest trade partner was Russia, which accounted for 12.8% of Lithuania’s exports and 14.3% imports. U.S. exports to Lithuania in 2017 reached $395 million; U.S. imports from Lithuania totaled $1.482 billion during the same period. According to Lithuanian trade data, the United States was Lithuania’s 11th largest trading partner in 2017, making up 1.2% of total trade turnover.
A wide range of economic and demographic statistics is available on the website of Lithuania's Department of Statistics.
Prepared by the International Trade Administration. With its network of more than 100 offices across the United States and in more than 75 markets, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.