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Even before independence the Lithuanian government had embarked on a program of dismantling the Soviet economic system. That the bulk of Lithuania's trade was still closely linked to the former republics of the U.S.S.R., which were themselves in economic collapse, was a major complicating factor. So too was Lithuania's dependence on critically important foreign oil and natural gas and industrial raw materials. In the 1990s, Lithuania benefited from its adherence to strict fiscal and monetary policies, as it followed a program of privatization and increased foreign investment. Lithuania possesses a good range of useful mineral resources, including sulfates, notably gypsum; chalk and chalky marl, limestones, dolomites, various clays, sands, and gravels, peat, some iron ore and phosphorites, and mineral waters. The chief trend is toward the production of meat and milk and the cultivation of flax, sugar beets, potatoes, and vegetables. Half the total production is made up of fodder crops; a large percentage consists of grain and leguminous crops; and most of the rest consists of potatoes and vegetables. Lithuania has developed considerable industry, including food processing, shipbuilding, and the manufacture of machinery and machine tools, metal products, major appliances, electronic components, motors, textiles, and electrical equipment. Sea transport is an important sector, with freight transportation showing a rapid increase since World War II. River transport also is significant. Vilnius is the main air-transportation centre, with links to various local and international destinations. Klaipeda port is the only port in Lithuania and is vital to its economy. Russia, Germany, Latvia, and Poland are the main trading partners. It is a member of the World Trade Organization, and the European Union. By UN classification, Lithuania is a country with a high average income. |
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