Bosnia and Herzegovina (BIH) and Latvia (LVA) Trade | The Observatory of Economic Complexity

About

Bosnia and Herzegovina-Latvia Trade: In 2023, Bosnia and Herzegovina exported $1.69M to Latvia. The main products that Bosnia and Herzegovina exported to Latvia were Prefabricated Buildings ($597k), Central Heating Boilers ($341k), and Packaged Medicaments ($140k). Over the past 5 years the exports of Bosnia and Herzegovina to Latvia have decreased at an annualized rate of 7.14%, from $2.45M in 2018 to $1.69M in 2023.

In 2019, Bosnia and Herzegovina exported services to Latvia worth $1.01M, with Travel ($896k) and Transportation ($112k) being the largest in terms of value.

Latvia-Bosnia and Herzegovina Trade: In 2023, Latvia exported $13.4M to Bosnia and Herzegovina. The main products that Latvia exported to Bosnia and Herzegovina were Refined Petroleum ($4.36M), Cranes ($2.98M), and Glass Fibers ($1.06M). Over the past 5 years the exports of Latvia to Bosnia and Herzegovina have increased at an annualized rate of 27.5%, from $3.98M in 2018 to $13.4M in 2023.

In 2023, Latvia did not export any services to Bosnia and Herzegovina.

Comparison In 2023, Bosnia and Herzegovina ranked 37 in the Economic Complexity Index (ECI 0.7), and 105 in total exports ($9.67B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Bosnia and Herzegovina exported $1.69M to Latvia. The main products exported from Bosnia and Herzegovina to Latvia were Prefabricated Buildings ($597k), Central Heating Boilers ($341k), and Packaged Medicaments ($140k). During the last 5 years the exports of Bosnia and Herzegovina to Latvia have decreased at an annualized rate of 7.14%, from $2.45M in 2018 to $1.69M in 2023.

In 2018, Latvia exported $13.4M to Bosnia and Herzegovina. The main products exported from Latvia to Bosnia and Herzegovina were Refined Petroleum ($4.36M), Cranes ($2.98M), and Glass Fibers ($1.06M). During the last 5 years the exports of Latvia to Bosnia and Herzegovina have increased at an annualized rate of 27.5%, from $3.98M in 2023 to $13.4M in 2018.

Exports from Bosnia and Herzegovina () to Latvia () (2023)

Exports from Latvia () to Bosnia and Herzegovina () (2023)

Latest Data

Trade between Bosnia and Herzegovina () and Latvia ()

Bosnia and Herzegovina Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Bosnia and Herzegovina
Top DestinationGermany$1.48B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Bosnia and Herzegovina than Latvia included Croatia ($1.39B), Serbia ($1.18B), and Austria ($996M).

In 2023, countries that imported more from Latvia than Bosnia and Herzegovina included Lithuania ($3.77B), Estonia ($1.26B), and Russia ($1.22B).

Difference in imports from Latvia () and Bosnia and Herzegovina () (2023)

Comparative Advantage Bosnia and Herzegovina - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Bosnia and Herzegovina had a large net trade with Latvia in the exports of Miscellaneous ($863k), Machines ($549k), and Chemical Products ($140k).

During 2018, Latvia had a large net trade with Bosnia and Herzegovina in the exports of Mineral Products ($4.79M), Machines ($4.22M), and Stone And Glass ($1.09M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Bosnia and Herzegovina Latvia+$287kOther Furniture

Top Product Potential Latvia Bosnia and Herzegovina+$1.31MRefined Petroleum

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

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Bosnia and Herzegovina () to Latvia () (2023)

Exports from Latvia () to Bosnia and Herzegovina () (2023)

Latest Data

Trade between Bosnia and Herzegovina () and Latvia ()

Bosnia and Herzegovina Exports

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Bosnia and Herzegovina () (2023)

Comparative Advantage Bosnia and Herzegovina - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Bosnia and Herzegovina () and Latvia () (2023)

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