2022
Flag  
GDP
$2.14TCURRENT US$
Rnk 9 / 186
2012-2022
Flag
GDP GROWTH
17%CURRENT US$
Rnk 129 / 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 
$54,966CURRENT US$
Rnk 14 / 186
2012-2022
Flag
GDP PC GROWTH
4.36%CURRENT US$
Rnk 130 / 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

Canada-Latvia In 2022, Canada exported $325M to Latvia. The main products that Canada exported to Latvia are Planes, Helicopters, and/or Spacecraft ($268M), Gas Turbines ($12.1M), and Refined Petroleum ($11.1M). During the last 27 years the exports of Canada to Latvia have increased at an annualized rate of 15.6%, from $6.54M in 1995 to $325M in 2022.

In 2020, Canada exported services to Latvia worth $746k, with Computer and information services ($746k) being the largest in terms of value.

Latvia-Canada In 2022, Latvia exported $65.2M to Canada. The main products that Latvia exported to Canada were Hard Liquor ($12.4M), Compasses ($6.09M), and Broadcasting Equipment ($4.6M). During the last 27 years the exports of Latvia to Canada have increased at an annualized rate of 10.7%, from $4.24M in 1995 to $65.2M in 2022.

In 2020, Latvia exported services to Canada worth $18.3M, with Other business services ($9.14M), Computer and information services ($6.85M), and Transportation ($1.14M) being the largest in terms of value.

Comparison In 2022,  Canada ranked 31 in the Economic Complexity Index (ECI 0.85),  and 9 in total exports ($587B). 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, Canada exported $325M to Latvia. The main products exported from Canada to Latvia were Planes, Helicopters, and/or Spacecraft ($268M), Gas Turbines ($12.1M), and Refined Petroleum ($11.1M). During the last 27 years the exports of Canada to Latvia have increased at an annualized rate of 15.6%, from $6.54M in 1995 to $325M in 2022.

In 2022, Latvia exported $65.2M to Canada. The main products exported from Latvia to Canada were Hard Liquor ($12.4M), Compasses ($6.09M), and Broadcasting Equipment ($4.6M). During the last 27 years the exports of Latvia to Canada have increased at an annualized rate of 10.7%, from $4.24M in 1995 to $65.2M in 2022.

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

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

Market Competitiveness

Color
Canada
Top Destination
United States$438B
Latvia
Top Destination
Lithuania$4.09B

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

In 2021, countries that imported more from Canada than Latvia were United States ($438B), China ($25.4B), and Japan ($14.3B).

In 2021, countries that imported more from Latvia than Canada were Lithuania ($4.09B), Estonia ($2.26B), and Russia ($1.26B).

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

Comparative Advantage Canada - Latvia

Flow
Scale

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

During 2022, Canada had a large net trade with Latvia in the exports of Transportation ($271M), Machines ($27M), and Mineral Products ($11.6M).

During 2022, Latvia had a large net trade with Canada in the exports of Foodstuffs ($14.4M), Machines ($10.9M), and Instruments ($9.07M).

Service Trade

Bilateral Service Trade

In 2020, Canada exported services to Latvia worth $746k, with Computer and information services ($746k) being the largest in terms of value.

In 2020, Latvia exported services to Canada worth $18.3M, with Other business services ($9.14M), Computer and information services ($6.85M), and Transportation ($1.14M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Economic Complexity

Competitive Landscape

This visualization show the product space at the HS4 level colored from blue to yellow.  This mean that the more blue a dot/product is, the more Canada has comparative advantage over Latvia. Similarly, the more yellow a dot/product is, the more Latvia has comparative advantage over Canada.

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

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