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2021
Economic Complexity
Technology -0.15Rank 53 of 96
2022
Economic Complexity
Research -1.2Rank 132 of 140
2023
Product
Exports | Imports $19.9B | $24.4B80 of 226 |  77 of 226
2023
Per Capita Product
Exports | Imports $10.6k | $13k39 of 220 |  24 of 220

About

Overview In 2023 Latvia was the number 80 economy in the world in terms of total exports and the number 77 in total imports.

Exports The top exports of Latvia are Wheat ($1.15B), Sawn Wood ($793M), Broadcasting Equipment ($646M), Fuel Wood ($621M), and Packaged Medicaments ($597M), exporting mostly to Lithuania ($3.77B), Estonia ($1.26B), Russia ($1.22B), Germany ($1.11B), and Sweden ($1.06B).

Imports The top imports of Latvia are Refined Petroleum ($1.24B), Cars ($1.14B), Packaged Medicaments ($834M), Broadcasting Equipment ($723M), and Petroleum Gas ($629M), importing mostly from Lithuania ($4.44B), Germany ($2.61B), Poland ($2.45B), Estonia ($1.91B), and Finland ($1.1B).

Location Latvia borders Belarus, Estonia, Lithuania, and Russia by land and Sweden by sea.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Latvia.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Wheat$1.15B
Top Destination (2023)Lithuania$3.77B

In 2023, Latvia exported a total of $19.9B, making it the number 80 exporter in the world. During the last five reported years the exports of Latvia have changed by $4.31B from $15.6B in 2018 to $19.9B in 2023.

The most recent exports are led by Wheat ($1.15B), Sawn Wood ($793M), Broadcasting Equipment ($646M), Fuel Wood ($621M), and Packaged Medicaments ($597M). The most common destination for the exports of Latvia are Lithuania ($3.77B), Estonia ($1.26B), Russia ($1.22B), Germany ($1.11B), and Sweden ($1.06B).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Uzbekistan$115M (+ 79.7%)
France$79.1M (+ 19.3%)
Italy$49.8M (+ 16.6%)
Fastest Growing Import Markets (2022 - 2023)
Finland$180M (+ 19.6%)
Czechia$149M (+ 43.1%)
Kazakhstan$127M (+ 110%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Latvia Exports Services (2020)$4.46B
Latvia Imports Services (2020)$2.83B

In 2020, Latvia exported $4.46B worth of services. The top services exported by Latvia in 2020 were Miscellaneous business, professional, and technical services ($1.2B), Other transport ($1.15B), Construction abroad ($348M), Personal travel ($342M), and Telecommunications services ($311M).

The top services imported by Latvia in 2020 were Miscellaneous business, professional, and technical services ($1.06B), Other transport ($412M), Personal travel ($246M), Air transport ($230M), and Sea transport ($152M).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Technology)-0.15Rank 53 of 96
Economic Complexity (Research)-1.2Rank 132 of 140

Most Specialized Products by RCA Index

Latvia has a high level of specialization in Peat (192), Vermouth (99.6), Fuel Wood (49.3), Book-binding Machines (38.1), and Rough Wood (33). Specialization is measured using RCA, an index that takes the ratio between Latvia observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Latvia according to the product complexity index (PCI) are Watch movements; complete and assembled (1.68), Silicones in primary forms (1.56), Esters; phosphoric, and their salts, including lactophosphates, their halogenated, sulphonated, nitrated or... (1.55), Photographic plates and film in the flat, sensitised, unexposed, of any material... (1.43), and Machine-tools; (including machines for nailing, stapling, glueing or otherwise assembling) for working... (1.4). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Latvia according to the relatedness index, were Cocoa Shells (0.37), Raw Iron Bars (0.36), Toilet Paper (0.36), Other Vegetables (0.36), and Margarine (0.36). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Latvia is not specialized in.

Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Latvia. These are products that tend to be co-exported with the products that Latvia exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Diversification Frontier

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