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2023
Flag → Flag
Exports $512MRnk 62 / 220
2023
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Top Product $31.5MTractors
2023
Flag → Flag
Exports $253MRnk 20 / 198
2023
Flag → Flag
Top Product $43.4MMotor vehicles; parts and accessories (8701 to 8705)
2023
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Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
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GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
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GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
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 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
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GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
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GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
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GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
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GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
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GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

Belgium-Latvia Trade: In 2023, Belgium exported $512M to Latvia. The main products that Belgium exported to Latvia were Tractors ($31.5M), Iron Ingots ($21.3M), and Beer ($19.3M). Over the past 5 years the exports of Belgium to Latvia have increased at an annualized rate of 11.5%, from $297M in 2018 to $512M in 2023.

In 2020, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

Latvia-Belgium Trade: In 2023, Latvia exported $253M to Belgium. The main products that Latvia exported to Belgium were Motor vehicles; parts and accessories (8701 to 8705) ($43.4M), Amine Compounds ($23.4M), and Rough Wood ($16.3M). Over the past 5 years the exports of Latvia to Belgium have increased at an annualized rate of 9.91%,  from $158M in 2018 to $253M in 2023.

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

Comparison In 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23),  and 13 in total exports ($437B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €23.8M and imported €11.4M from Latvia, resulting in a positive trade balance of €12.4M. Between October 2023 and October 2024 the exports of Belgium have decreased by €-694k (-2.83%) from €24.5M to €23.8M, while imports decreased by €-23.3k (-0.2%) from €11.4M to €11.4M.

Trade In October 2024, the top exports of Belgium to Latvia were Cars, tractors, trucks & parts thereof. (€4.61M), Machinery, mechanical appliances, & parts (€3.62M), Plastics & articles thereof (€1.84M), Pharmaceutical products (€1.28M), and Fertilizers (€1.27M). In October 2024 the top imports of Belgium from Latvia were Wood, wood articles, & charcoal (€6.98M), Food residues & wastes; animal fodder (€2.54M), Mineral fuels, mineral oils and products... (€986k), Iron/Steel Articles (€896k), and Edible vegetables, roots, & tubers (€458k).

Growth In October 2024, the decrease in Belgium's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Fertilizers (€-5.42M or -81%), Unclassified (€-1.11M or -61.5%), and Machinery, mechanical appliances, & parts (€-554k or -13.3%). In October 2024, the decrease in Belgium's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... (€-2.71M or -73.3%), Iron & steel (€-2.46M or -98.6%), and Chemical products n.e.s. (€-173k or -99.7%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€-694k(-2.83%)
IMPORT GROWTH (October 2023 - October 2024)€-23.3k(-0.2%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Latvia and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Latvia and Belgium Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Belgium exported $512M to Latvia. The main products exported from Belgium to Latvia were Tractors ($31.5M), Iron Ingots ($21.3M), and Beer ($19.3M). During the last 5 years the exports of Belgium to Latvia have increased at an annualized rate of 11.5%, from $297M in 2018 to $512M in 2023.

In 2018, Latvia exported $253M to Belgium. The main products exported from Latvia to Belgium were Motor vehicles; parts and accessories (8701 to 8705) ($43.4M), Amine Compounds ($23.4M), and Rough Wood ($16.3M). During the last 5 years the exports of Latvia to Belgium have increased at an annualized rate of 9.91%, from $158M in 2023 to $253M in 2018.

Exports from Belgium (Flag) to Latvia (Flag) (2023)

Exports from Latvia (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Belgium than Latvia included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from Latvia than Belgium included Lithuania ($3.77B), Estonia ($1.26B), and Uzbekistan ($260M).

Difference in imports from Latvia (Flag) and Belgium (Flag) (2023)

Comparative Advantage Belgium - Latvia

Flow
Scale

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

During 2023, Belgium had a large net trade with Latvia in the exports of Machines ($66.9M), Transportation ($65.3M), and Foodstuffs ($61.4M).

During 2018, Latvia had a large net trade with Belgium in the exports of Wood Products ($53.7M), Transportation ($51M), and Chemical Products ($40.2M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Latvia+$11.2MCars
Top Product Potential Latvia Belgium+$8MMotor vehicles; parts and accessories (8701 to 8705)

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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Bilateral Service Trade

In 2020, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Belgium (Flag) to Latvia (Flag) (2020)

Services Exports from Latvia (Flag) to Belgium (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Belgium (Flag) and Latvia (Flag) (2023)

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