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.   Russia’s war against Ukraine and the resulting uncertainty has affected the economy of Lithuania, as well as the entire European Union.  Despite these challenges, the country’s economy continues to demonstrate resilience, and experts estimate that it will grow0.5 percent in 2023. 

In 2022 Lithuanian exports totaled $50 billion and imports reached $58 billion.  Compared to 2021, exports and imports grew by 22.6% and 27%, respectively.

In 2022, Lithuania’s largest export partners were Latvia (12.9%), Poland (9%), Germany (7.9%).  Its largest import partners were– Germany (11.8%), Poland (11.7%), and Latvia (7.8). In 2022, the United States was Lithuania’s seventh largest export partner and fourth largest import partner.

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

Political Environment

For background information on the political and economic environment of the country, please click on the link to the U.S. Department of State Countries & Areas website.