Lithuanian exports to India up by 12.3%, trade deficit narrows by 15.5%
In 2014, Lithuanian exports to India grew by 12.3% and reached LTL 56.5 million (INR 116 crore), the government statistics agency, Statistics Lithuania, reports. Traditionally, high-tech commodities like lasers and medical devices were the major contributors to this growth.
Notably, the export of laser machines has reached an all-time high in 2014 (see picture below), making almost 8% of the entire Lithuanian exports.
Other important driving forces were: automobile spare parts (5.7%); taps, cocks, valves and similar appliances (4.1%); rough wood (2.4%). These commodities have not been scoring high in the bilateral Indo-Lithuanian trade statistics previously, which means they have made their successful entry only in 2014.
Meanwhile, imports from India to Lithuania last year dropped by 7.2% and amounted to LTL 160 million (INR 327 crore). The main imported commodities were: gummy secretion of locust bean seeds (11.5%), footwear (9.4%), and pharmaceuticals (8.5%).
The total trade turnover in 2014 was LTL 213.4 million (INR 440 crore), or 2.7% less than in 2013.
However, the trade deficit has shrunk by the total of 15.5%, marking a healthier shift in the bilateral Indo-Lithuanian trade relations.
India was Lithuania’s 43rd largest trade partner in 2014.
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