Flag Estonia / Latvia Flag

Exports Flag β†’ Flag  (2018): $1.35B, Rnk 4 / 175

Top Product Flag β†’ Flag (2018): $186M, Cars

Exports Flag β†’ Flag (2018): $1.45B, Rnk 2 / 191

Top Product Flag β†’ Flag (2018): $97.3M, Fuel Wood

Economic Complexity of Flag (2018): ECI 1, Rnk 24 / 137

Economic Complexity of Flag (2018): ECI 0.84, Rnk 36 / 137

GDP Flag (2018): $30.7B, CURRENT US$
Rnk 101 / 196

GDP GROWTH Flag (2008-2018): 26.1%, CURRENT US$
Rnk 123 / 196

GDP Flag (2018): $34.4B, CURRENT US$
Rnk 99 / 196

GDP GROWTH Flag (2008-2018): -3.5%, CURRENT US$
Rnk 175 / 196

GDP PC Flag (2018): $23,266, CURRENT US$
Rnk 43 / 196

GDP PC GROWTH Flag (2008-2018): 27.6%, CURRENT US$
Rnk 89 / 196

GDP PC Flag (2018): $17,861, CURRENT US$
Rnk 52 / 196

GDP PC GROWTH Flag (2008-2018): 9.06%, CURRENT US$
Rnk 125 / 196

Estonia-Latvia: In 2018, Estonia exported $1.35B to Latvia. The main products exported from Estonia to Latvia were Cars ($186M), Coal Tar Oil ($60.8M), and Refined Petroleum ($48.8M). During the last 23 years the exports of Estonia to Latvia have increased at an annualized rate of 11.1%, from $118M in 1995 to $1.35B in 2018. In 2016, Estonia exported services to Latvia worth $339M, with Other business services ($108M), Transportation ($98.3M), and Travel ($60.9M) being the largest in terms of value.

Latvia-Estonia: In 2018, Latvia exported $1.45B to Estonia. The main products exported from Latvia to Estonia were Fuel Wood ($97.3M), Cars ($73.9M), and Sawn Wood ($62.3M). During the last 23 years the exports of Latvia to Estonia have increased at an annualized rate of 15.5%, from $52.4M in 1995 to $1.45B in 2018. In 2016, Latvia exported services to Estonia worth $271M, with Transportation ($126M), Travel ($66.4M), and Other business services ($55.3M) being the largest in terms of value.

Comparison: In 2018, Estonia ranked 24 in the Economic Complexity Index (ECI 1), and 77 in total exports ($17.6B). That same year, Latvia ranked 36 in the Economic Complexity Index (ECI 0.84), and 78 in total exports ($15.8B). In terms of GDP Per Capita, Estonia was ranked 43 with a GDP Per Capita of $23,266, and Latvia was ranked 52 with a GDP Per Capita of $17,861.

Bilateral Trade by Products

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Depth
Value

In 2018, Estonia exported $1.35B to Latvia. The main products exported from Estonia to Latvia were Cars ($186M), Coal Tar Oil ($60.8M), and Refined Petroleum ($48.8M). During the last 23 years the exports of Estonia to Latvia have increased at an annualized rate of 11.1%, from $118M in 1995 to $1.35B in 2018.

In 2018, Latvia exported $1.45B to Estonia. The main products exported from Latvia to Estonia were Fuel Wood ($97.3M), Cars ($73.9M), and Sawn Wood ($62.3M). During the last 23 years the exports of Latvia to Estonia have increased at an annualized rate of 15.5%, from $52.4M in 1995 to $1.45B in 2018.

Market Competitiveness

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Measure

Estonia
Top Destination
: Finland, $2.33B

Latvia
Top Destination
: Lithuania, $2.25B

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

In 2018, countries that imported more from Estonia than Latvia were Finland ($2.33B), Sweden ($1.72B), and United States ($1.21B).

In 2018, countries that imported more from Latvia than Estonia were Lithuania ($2.25B), United Kingdom ($912M), and Poland ($627M).

Comparative Advantage Estonia - Latvia

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Depth

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

During 2018, Estonia had a large net trade with Latvia in the exports of Transportation ($253M), Machines ($149M), and Mineral Products ($142M).

During 2018, Latvia had a large net trade with Estonia in the exports of Wood Products ($227M), Machines ($224M), and Metals ($154M).

Trade Forecasts

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This section shows a forecast for total trade between Estonia and Latvia. The forecast is based on a long short-term memory model or LSTM constructed using yearly trade data.

To create custom forecast, or modify the parameters of the forecasting model, visit our Forecast Section.

Explore Forecasts

Bilateral Service Trade

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In 2016, Estonia exported services to Latvia worth $339M, with Other business services ($108M), Transportation ($98.3M), and Travel ($60.9M) being the largest in terms of value.

In 2016, Latvia exported services to Estonia worth $271M, with Transportation ($126M), Travel ($66.4M), and Other business services ($55.3M) being the largest in terms of value.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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