Economic contacts between Estonia and Lithuania have developed rapidly. Lithuania, due to its geographic proximity and its large developing market, offers opportunities in several sectors. Lithuania continues to be Estonia’s good economic and trade partner.
The trade between Estonia and Lithuania has increased approximately up to two billions euros (in 2016 it made up to 7,9% of the total turnover), putting Lithuania on fifth place among Estonia’s trade partners. Lithuania occupies the same place with regard to Estonian export markets (6% of the total export). In 2016 import has also increased, as a result of which Lithuania places the third import partner for Estonia.
In 2016 the main export articles to Lithuania were transport vehicles (23%), machinery and equipment (19%), chemical products (9,7%) and animal products (8,3%). In 2016 the main import articles from Lithuania were mineral products (26,3%), chemical products (14,1%), machinery and equipment (15,6%) and prepared food and drink products (9,6%).
Estonia-Lithuania trade 2012-2016 (million euros)
|2012||1 817.2||6,8%||657,6||5.3%||1 159,6||8.2%|
|2013||1 940,5||7,4%||716,4||5,8%||1 224,1||8.8%|
|2014||1 789,8||6,9%||637.5||5.3%||1 152,3||8.4%|
|2015||1 926,5||7,8%||677,5||5.9%||1 249,0||9.5%|
Import calculated according to country of shipment
Lithuania is a very important destination for Estonian direct investments. As of 31.03.2017, investments made in Lithuania totalled 1.3 billion euros, or 20.7% of all direct investments. Lithuania was thereby ranked as Estonia’s second direct investment destination by volume after Cyprus. The main sectors are: real estate activities (19%), finance and insurance (17%), manufacturing (15%) and supply of electricity (13%).
Lithuania’s direct investments in Estonia as of 31.03.2017 totalled 696 million euros, which makes up 3.8% of all foreign direct investments in Estonia. Lithuania ranked on fourth place among countries investing in Estonia. The main sectors are: professional, scientific and technical activities (42%), wholesale and retail trade (33%), finance, insurance (14%). According to the Commercial Register, as of May 2, 2017, 900 Lithuanian owned companies were registered in Estonia.
Change in the position of foreign direct investments
|Unit: million euros||31.12.2013||31.12.2014||31.12.2015||31.12.2016||31.03.2017|
|FDI in Estonia||16 009,0||17 041,1||17 462,3||18 373,6||18 412,5|
|FDI abroad||4984,4||5 162,7||5 656,5||6 238,3||6 320,6|
|Lithuania||1 048,0||1 038,5||1 290,5||1 276,9||1 308,1|
In 2009 the Estonian-Lithuanian Chamber of Commerce was established in Vilnius (www.estcham.lt), with the goal of ensuring better information exchange among Estonian companies in Lithuania and representing as well as protecting the interests of its members. The Estonian-Lithuanian Chamber of Commerce offers many services such as market research, help in finding partners, etc. The Chamber also organizes meetings with Lithuanian entrepreneurs and seminars for companies.
During the recent years the number of Lithuanian tourists has gradually increased. In 2016 around 61 000 Lithuanian tourists were accommodated in Estonia (3% of all foreign tourists). According to the data retrieved by the Estonian Bank mobile positioning, the number of Lithuanian residents has also increased who stay in Estonia more than one day. In 2016 it totalled 82 100 (the number of Estonia residents during the same period amounted to 126 000).