Courtesy of The Baltic Course

November 24, 2015

The Lithuanian industrialists’ Confederation (LIC) says that the country’s manufacturers are recovering from losses suffered in the wake of Russia’s embargo and US companies are becoming their strategic export partners, the daily Lietuvos Zinios reported on Tuesday, cites LETA/BNS.
“The lost export markets in Russia have been replaced with trade links not only in other EU countries, but also in third countries,” he said.“Lithuania’s industrial enterprises have made great efforts to find new markets, mostly in Asia and America, and have almost got over the shock of losing Russia’s market,” Aleksandr Izgorodin, director of the Foreign Relations Department at the LIC, told the paper.

According to figures from the LIC, Lithuania’s industrial exports to Russia slumped down by 238 million euros this year, with the food industry accounting for 60% of the decline. Exports to the US show quite an opposite trend this year, growing by 54 million euros.