Entrance into the European Union in 2004 made Lithuania part of one of the world’s largest markets, with approximately 447 million consumers, and increased Lithuania’s appeal as a destination for U.S. goods and services.  Lithuania’s proximity to markets of the Community of Independent States (CIS), the country’s improving infrastructure, competitive living and operating costs, and skilled workforce offer opportunities for U.S. producers and suppliers to expand into EU and global markets.

Lithuania has been a member of the WTO since 2002 and joined the EU and NATO in 2004.  Lithuania adopted the Euro currency on January 1, 2015.  Lithuania’s determination to join the EU and NATO accelerated improvements in Lithuania’s legal and banking systems and tax and customs regimes; the fiscal restraints the government imposed in order to meet EU accession commitments spurred dramatic economic growth and business development.  

Lithuania demonstrated remarkable resilience to the global economic slowdown in 2019: Lithuania’s GDP grew by 3.9%, compared to growth of just 1.5% in the European Union as a whole.  In addition, Lithuania was one of the three EU countries with faster GDP growth in 2019 than in 2018.  The COVID-19 pandemic had a negative impact on the global economy, though Lithuania’s economic again proved resilient.  In 2020, GDP declined by 1.3% but it quickly bounced back to 5% growth in 2021.  The Lithuanian economy is forecast to expand by 2.1% in 2022.

In 2021 Lithuanian exports totaled $38.7 billion and imports reached $42.29 billion.  Compared to 2020, exports and imports grew by 19.9% and 27.9%, respectively.

In 2021, Lithuania’s largest trade partner was Russia, which accounted for 10.7% of Lithuania’s exports and 12.1% imports, though sanctions against Russia for the war in Ukraine, as well as strong public sentiment against the war, will likely lower this in 2022.  According to the 2022 first quarter statistics, the United States is Lithuania’s third largest export partner and twelfth largest import partner.

A wide range of economic and demographic statistics is available on the website of Lithuanian Statistics Department 

Political & Economic Environment:  State Department’s website for background on the country’s political environment