The value of Lithuanian agricultural and food exports has increased by almost 30% compared to the same period last year since Russia’s invasion of Ukraine. This increase was mainly due to higher exported agricultural and food products costs. The value of exports to Ukraine halved, while exports to Russia and Belarus increased by 10% and…
Imports from China have stabilised, but exports of Lithuanian goods to China are almost non-existent, Rimas Varkulevicius, president of the Association of Lithuanian Chambers of Industry, Trade and Crafts (LPPARA), has said. “There are practically no exports because China has removed many Lithuanian producers from registers and imposed other restrictions, he said. Some goods may…
Rising fuel and raw material prices, as well as a return to organic farming methods, are pushing some to abandon heavy machinery. Vigandas Indrasius, a Lithuanian farmer in the Birzai district, decided to sell his tractors and use horses to work the land instead. Indrasius, who owns 300 hectares of land, is cultivating it with…
The Lithuanian seaport of Klaipeda said that its first-quarter cargo traffic declined by 13.7% YoY, to 9.7 million tons. Algis Latakas, the port’s CEO, said that he expected container shipments via Klaipeda to continue growing at a fast rate this year. Container (TEU) loadings in Klaipeda almost doubled in the first three months to 218,000…
The Energy Ministry has drafted legislation banning Russian natural gas supplies to Lithuania. If passed, the amendments to the Law on Natural Gas will bar access to Lithuania’s gas transmission system and its LNG terminal to suppliers from countries deemed as posing a threat to national security. The ban will not apply to gas transit…
Lithuanian seaside entrepreneurs say that both accommodation and food will cost more this summer. Holidaymakers are already noticing the price differences. Palanga, Lithuania’s most popular seaside spot on the Baltic coast, is finishing the last upgrades before the summer season kicks off, such as a new pathway to the sea. It is partly funded by…
The Organization for Economic Co-operation and Development (OECD) has suggested that Lithuania should scrap the existing VAT concession for hotels and restaurants. The existing VAT concession for the catering sector expires at the end of this year. It was introduced last year to help businesses affected by the Covid-19 pandemic. Hotels have been subject to…