As China is becoming an important export market, Lithuania is looking to increase trade with the world's most populous country. So far, China mostly interested Lithuanian food producers, but Lithuanian technology could also find a market there, Minister of Economy and Innovation Virginijus Sinkevičius says.
“Our businesses often see China as only a market for bread, milk and other food products. But the Chinese are increasingly interested in innovative technology,” Sinkevičius is quoted in a press release from the China-Central and Eastern European Countries Expo in Ningbo.
At the moment, high technology makes up about 7 percent of Lithuania's exports to China, but, according to Sinkevičius, the country's engineering firms are working to increase the share.
Three Lithuanian makers of laser technologies – Šviesos Konversija, Ekspla, and Altechna – have set up representations in China, according to the Economy Ministry's press release.
Lithuania's trade deficit with China continues to be big, however. Last year, Lithuania exported 189-million-euro worth of goods to China (up 5.52 percent from the year before), while Chinese imports totaled €855 million (up 3.94 percent).
Lithuania mostly exported furniture, wood, laser and optical equipment. Chinese imports mostly consisted of electric machinery and devices, mechanical equipment, furniture, vehicles.