2022
Flag  
GDP
$18.9BCURRENT US$
Rnk 120 / 186
2012-2022
Flag
GDP GROWTH
53.3%CURRENT US$
Rnk 55 / 186
2022
Flag
 GDP
$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH
46.1%CURRENT US$
Rnk 74 / 186
2022
Flag
GDP PC 
$6,803CURRENT US$
Rnk 94 / 186
2012-2022
Flag
GDP PC GROWTH
60.2%CURRENT US$
Rnk 27 / 186
2022
Flag
GDP PC
$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH
57.8%CURRENT US$
Rnk 30 / 186

About

Albania-Latvia Trade: In 2022, Albania exported $2.12M to Latvia. The main products that Albania exported to Latvia were Citrus ($549k), Cabbages ($438k), and Other Vegetables ($332k). Over the past 5 years the exports of Albania to Latvia have increased at an annualized rate of 29.3%, from $589k in 2017 to $2.12M in 2022.

In 2017, Albania exported services to Latvia worth $2.82M, with Other business services ($1.92M), Transportation ($339k), and Travel ($339k) being the largest in terms of value.

Latvia-Albania Trade: In 2022, Latvia exported $3.02M to Albania. The main products that Latvia exported to Albania were Packaged Medicaments ($1.57M), Broadcasting Equipment ($507k), and Peat ($409k). Over the past 5 years the exports of Latvia to Albania have increased at an annualized rate of 11.8%,  from $1.73M in 2017 to $3.02M in 2022.

In 2022, Latvia did not export any services to Albania.

Comparison In 2022,  Albania ranked 77 in the Economic Complexity Index (ECI -0.24),  and 131 in total exports ($4.3B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Albania exported $2.12M to Latvia. The main products exported from Albania to Latvia were Citrus ($549k), Cabbages ($438k), and Other Vegetables ($332k). During the last 5 years the exports of Albania to Latvia have increased at an annualized rate of 29.3%, from $589k in 2017 to $2.12M in 2022.

In 2017, Latvia exported $3.02M to Albania. The main products exported from Latvia to Albania were Packaged Medicaments ($1.57M), Broadcasting Equipment ($507k), and Peat ($409k). During the last 5 years the exports of Latvia to Albania have increased at an annualized rate of 11.8%, from $1.73M in 2022 to $3.02M in 2017.

Exports from Albania (Flag) to Latvia (Flag) (2022)

Exports from Latvia (Flag) to Albania (Flag) (2022)

Latest Data

Trade between Albania (Flag) and Latvia (Flag)

Albania Exports

Latvia Exports

Market Competitiveness

Color
Albania
Top Destination
Italy$1.75B
Latvia
Top Destination
Lithuania$4.09B

This map shows whether countries import more from Albania or Latvia. Each country is colored based on the difference in imports they receive from Albania and Latvia or the difference in the growth in imports.

In 2022, countries that imported more from Albania than Latvia included Italy ($1.75B), Greece ($421M), and North Macedonia ($101M).

In 2022, countries that imported more from Latvia than Albania included Lithuania ($4.09B), Estonia ($2.26B), and Russia ($1.26B).

Difference in imports from Latvia (Flag) and Albania (Flag) (2022)

Comparative Advantage Albania - Latvia

Flow
Scale

This chart compares trade between Albania and Latvia by product, considering products traded by both, Albania and Latvia.

During 2022, Albania had a large net trade with Latvia in the exports of Vegetable Products ($2.09M), Foodstuffs ($17.2k), and Footwear and Headwear ($8.88k).

During 2017, Latvia had a large net trade with Albania in the exports of Chemical Products ($1.71M), Machines ($569k), and Mineral Products ($411k).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Albania Latvia+$81.9kPerfume Plants
Top Product Potential Latvia Albania+$668kPackaged Medicaments

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Albania and Latvia. This means that a dot/product with the flag of Albania indicates it has a comparative advantage over Latvia. Similarly, a dot/product with the flag of Latvia indicates it has a comparative advantage over Albania.

Product Space of Albania (Flag) and Latvia (Flag) (2022)

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