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The record-high exchange rate of the euro against the dollar is bad news for Lithuanian exporters, although some say it helped them cut transportation costs to China.
Stronger dollar good and bad news for Lithuania’s exporters
© Scanpix

If the euro, which currently sells at $1.11, appreciated even more, to $1.2-1.25, it would seriously hit Lithuanian exporters, economists say.

The dairy producer Rokiškio Sūris is exporting cheese to the United States and has felt the exchange rate hitting its bottom line.

Board chairman Dalius Trumpa tells the business daily Verslo Žinios that the company has
to convert its dollar revenues into euros in order to pay its suppliers and workers. Rokiškio Sūris does not have any expenses in US dollars.

Meanwhile mineral water producer Birštono Mineraliniai Vandenys has seen its transportation costs fall due to cheaper dollar.

"Shipping by sea to China and other countries is usually charged in US dollars, therefore our logistics costs have gone down," says the company's head for development Rolandas Sturlis. "The cheaper dollar is good for us, it does not bring much loss."

He said that cheaper shipping helped offset some of the effects of appreciated euro on prices in third-country markets.

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