While Canada and Lithuania have ties that date back decades and even centuries, it was only in 1991 that the countries established diplomatic relations.
Lithuania, situated on the south-eastern shore of the Baltic Sea, now enjoys diplomatic relations with as many as 182 countries.
Understanding the export and trade between the two countries
Canada has an ongoing trade relationship with Lithuania, a relationship steadily rising with the countries sharing many similar ideologies. Their trade of goods is mostly confined to wooden furniture, minerals, and crude oil, metal, and metal parts.
Canada clocked $500 million in investment to Lithuania in 2012. Both the countries maintain a perfect trading relationship. Lithuanian has its own embassy in Ottawa. It also has two honorary consulates in Vancouver and Montreal. In Riga or Latvia stand the actual embassy of Canada.
There is also an embassy office of Canada in Vilnius. Lithuania has an economy that is open to trade. Another example of the relations between Lithuania and Canada is that Canada stands as the 10th largest trade partner of Lithuania outside the EU.
What does Lithuania export to Canada?
The Lithuanians exported to Canada amounted to about 193 million dollars in 2015. There has been a decision to scrap custom tariffs on Lithuanian exports of goods. It will bring significant cost cuttings by eliminating 99% tariff line duties. This movement will result in the tariffs being cut on virtually all of the Lithuanian exports. The major cost-cutting will correspond to the following areas:
- Petroleum: This list includes petroleum as another bituminous mineral. Petroleum and other bituminous minerals trade solely amounted to 103 million euros in 2015. The Canadian tariffs are now up to 5%.
- Furniture: This trade includes everything that relates to woodwork and other home décor exports. Lithuania exported a total of 20 million euros to Canada in 2015. The Canadians are now up to 8%. This area of trade is slowly increasing as the yearly numbers show that the relationship between the two countries is steadily firming up.
- Medical and optical instruments: This specific trade includes the export of precision instruments that are related to medical and optical This specific export amounted to a total of 1.6 million euros in 2015. The Canadian tariffs are up to 8.5% in 2017.
- Electrical and machinery equipment: The country has an active export of machinery and electrical equipment to Canada. In 2015, the numbers showed an amount totaling 4.4 million euros. Generally, we see low tariffs charged by Canada only peaking at 9% for some products.
On the other hand, Canada exports product as much as 38,510 thousand U.S. dollars back in 2016, exporting everything from capital goods to the machine and electrical items to consumer products, according to the report by World Integrated Trade Solution. With the two countries aiming for more fluid trade arrangements in the future, the numbers are sure to shoot up higher.