2022
Flag  
GDP
$4.07TCURRENT US$
Rnk 4 / 186
2012-2022
Flag
GDP GROWTH
15.5%CURRENT US$
Rnk 136 / 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 
$48,432CURRENT US$
Rnk 21 / 186
2012-2022
Flag
GDP PC GROWTH
10.4%CURRENT US$
Rnk 115 / 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

Germany-Latvia Trade: In 2022, Germany exported $2.49B to Latvia. The main products that Germany exported to Latvia were Cars ($314M), Motor vehicles; parts and accessories (8701 to 8705) ($64.8M), and Trailers and semi-trailers, not mechanically propelled vehicles ($64.7M). Over the past 5 years the exports of Germany to Latvia have increased at an annualized rate of 5.93%, from $1.86B in 2017 to $2.49B in 2022.

In 2020, Germany exported services to Latvia worth $106M, with Transportation ($57.1M), Other business services ($28.6M), and Computer and information services ($14.9M) being the largest in terms of value.

Latvia-Germany Trade: In 2022, Latvia exported $1.44B to Germany. The main products that Latvia exported to Germany were Cheese ($76.5M), Refined Petroleum ($69.3M), and Plywood ($67.1M). Over the past 5 years the exports of Latvia to Germany have increased at an annualized rate of 5.3%,  from $956M in 2017 to $1.44B in 2022.

In 2020, Latvia exported services to Germany worth $543M, with Transportation ($211M), Other business services ($186M), and Construction services ($62.8M) being the largest in terms of value.

Comparison In 2022,  Germany ranked 5 in the Economic Complexity Index (ECI 1.78),  and 3 in total exports ($1.6T). 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, Germany exported $2.49B to Latvia. The main products exported from Germany to Latvia were Cars ($314M), Motor vehicles; parts and accessories (8701 to 8705) ($64.8M), and Trailers and semi-trailers, not mechanically propelled vehicles ($64.7M). During the last 5 years the exports of Germany to Latvia have increased at an annualized rate of 5.93%, from $1.86B in 2017 to $2.49B in 2022.

In 2017, Latvia exported $1.44B to Germany. The main products exported from Latvia to Germany were Cheese ($76.5M), Refined Petroleum ($69.3M), and Plywood ($67.1M). During the last 5 years the exports of Latvia to Germany have increased at an annualized rate of 5.3%, from $956M in 2022 to $1.44B in 2017.

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

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

Market Competitiveness

Color
Germany
Top Destination
United States$153B
Latvia
Top Destination
Lithuania$4.09B

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

In 2022, countries that imported more from Germany than Latvia included United States ($153B), France ($120B), and China ($109B).

In 2022, no countries were registered that imported more from Latvia than from Germany.

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

Comparative Advantage Germany - Latvia

Flow
Scale

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

During 2022, Germany had a large net trade with Latvia in the exports of Machines ($611M), Transportation ($531M), and Chemical Products ($260M).

During 2017, Latvia had a large net trade with Germany in the exports of Wood Products ($281M), Machines ($171M), and Chemical Products ($124M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Germany Latvia+$35.5MPackaged Medicaments
Top Product Potential Latvia Germany+$42.3MRefined 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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Bilateral Service Trade

In 2020, Germany exported services to Latvia worth $106M, with Transportation ($57.1M), Other business services ($28.6M), and Computer and information services ($14.9M) being the largest in terms of value.

In 2020, Latvia exported services to Germany worth $543M, with Transportation ($211M), Other business services ($186M), and Construction services ($62.8M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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