Enterprise Lithuania, the government’s export promotion agency, expects exports of Lithuanian-origin goods to rise by 12% this year compared with 2016 to reach 12.3 billion euros, up from its spring forecast of 6.5% growth to 11.6 billion euros, informs LETA/BNS.

“The upward revision of export growth this year is due to demand in the European Union increasing at a faster-than-expected rate and to rising export prices,” Enterprise Lithuania said in a report.

The agency expects re-exports to grow by 25.8% this year from 2016 to 10.7 billion euros.

“In 2018, (re-exports’) annual growth will likely slow down to 10.9% due to a negative statistical base effect. The anticipated growth in re-exports will be driven by a recovering Russian economy and Lithuanian re-exporters’ further expansion into Western European and Scandinavian markets,” it said.

According to figures from Statistics Lithuania, the country’s exports for January through July 2017 rose by 16.8% year-on-year to 14.676 billion euros.