Norwegians press exporters to cut prices amid weakening krone

The weakening of Norway's krone against the euro has not yet hit Lithuanian exports to the market, but exporters say they have already begun to feel pressure to cut product and service prices in talks with their Norwegian partners, the business daily Verslo Zinios reported on Tuesday.

The krone has lost 2.2 percent of its value against the euro since early 2019. The Norwegian currency remains historically low against Europe's common currency, trading at 10.126 per euro on November 7.

Romualdas Beksta, the owner of Lithuania's ergonomic furniture manufacturer Ergolain, says that negotiations with Scandinavian customers are getting tougher, with more pressure on prices.

Dainius Tvarijonas, CEO of Nosted Mechanika, a Norwegian-owned manufacturer of tire chains for heavy trucks, says Norwegian customers have been lately using the weaker krone as a reason to negotiate lower prices.