Lithuanian Exports to Russia Decrease by 48%
- New Europe Investor
- January 13, 2016
Lithuanian exports for the 11 month period from January to November 2015 fell by 48.8%, compared to the same period in 2014.
Lithuanian news network, Delfi reported the news citing the Department of Statistics.
Dairy and milk products decreased by 94.3%, with a complete halting in meat and related by-products.
In the first 11 months of 2015, agricultural foodstuffs to Russia amounted to €58 million. For the same period of 2014, the value came to €217.6 million.
Lithuania has been disproportionately affected by the implementation of Russian sanctions on Europe and other Western countries. Sanctions were placed in August 2014 following Western led sanctions on Russia for its annexation of Crimea.
IMF experts had initially said that Lithuania would suffer the most from the sanctions, but the country has managed to successfully build and expand trade relations in other markets in Europe and further afield. This has offset a significant portion of the lost trade.