Lithuania is one of the EU’s fastest-growing economies – a quick exit from recession has seen its economy grow by an average of about 2.5% over the last few years.
The largest of the Baltic nations, Lithuania offers a gateway to Russia, where almost a quarter (21%) of its exports end up. If you plan to use the country as an entry point to Russia though, bear in mind relationships are tense between the two countries (Lithuania only regained independence as recently as 1990), and the Russian government is not averse to banning certain goods, imposing temporary embargoes, and making life difficult for anyone looking to cross the border.
On the plus side, this doesn’t appear to have had too great an impact on trade with the UK, which has a 4.2% market share in Lithuania and exports around €1 million of goods there each year – this is definitely a growing market with a lot of potential.
The top UK exports to Lithuania include:
- electrical machinery
- machinery, mechanical equipment and spare parts
- optical, precision and medical devices and equipment
- transport vehicles
- chemical products
- essential oils, resinous plant exudates, cosmetics and toiletries
- furniture, home textiles
- food products
If you’re looking to tap this growing market, here’s everything you need to know about exporting to Lithuania…