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Pricing

2022
Flag → Flag
Exports $346MRnk 78 / 224
2022
Flag → Flag
Top Product $128MHard Liquor
2022
Flag → Flag
Exports $1.19BRnk 6 / 194
2022
Flag → Flag
Top Product $488MSawn Wood
2022
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Economic Complexity (ECI) ECI 1.42Rnk 12 / 133
2022
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GDP$3.07TCURRENT US$
Rnk 6 / 186
2012-2022
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GDP GROWTH13.5%CURRENT US$
Rnk 139 / 186
2022
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 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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GDP PC $45,850CURRENT US$
Rnk 23 / 186
2012-2022
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GDP PC GROWTH7.92%CURRENT US$
Rnk 122 / 186
2022
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GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

United Kingdom-Latvia Trade: In 2022, United Kingdom exported $346M to Latvia. The main products that United Kingdom exported to Latvia were Hard Liquor ($128M), Cars ($38.1M), and Aircraft Parts ($7.92M). Over the past 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 5.73%, from $465M in 2017 to $346M in 2022.

In 2019, United Kingdom exported services to Latvia worth $128M, with Travel ($105M), Other business services ($8.96M), and Government services, n.i.e. ($3.81M) being the largest in terms of value.

Latvia-United Kingdom Trade: In 2022, Latvia exported $1.19B to United Kingdom. The main products that Latvia exported to United Kingdom were Sawn Wood ($488M), Fuel Wood ($253M), and Rapeseed ($33.4M). Over the past 5 years the exports of Latvia to United Kingdom have increased at an annualized rate of 10.3%,  from $731M in 2017 to $1.19B in 2022.

In 2020, Latvia exported services to United Kingdom worth $243M, with Transportation ($95.9M), Other business services ($57.1M), and Computer and information services ($32M) being the largest in terms of value.

Comparison In 2022,  United Kingdom ranked 12 in the Economic Complexity Index (ECI 1.42),  and 14 in total exports ($469B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

August, 2024

About

Overview In August 2024, United Kingdom exported £22.3M and imported £86.9M from Latvia, resulting in a negative trade balance of £64.6M. Between August 2023 and August 2024 the exports of United Kingdom have decreased by £-9.38M (-29.6%) from £31.6M to £22.3M, while imports increased by £23.9M (37.8%) from £63.1M to £86.9M.

Trade In August 2024, the top exports of United Kingdom to Latvia were Hard Liquor (£9.16M), Cars (£2.05M), Non-fillet Frozen Fish (£1.89M), Aircraft parts including unmanned craft (£1.3M), and Used Clothing (£920k). In August 2024 the top imports of United Kingdom from Latvia were Fuel Wood (£27.5M), Sawn Wood (£17.6M), Rapeseed (£5.24M), Plywood (£1.5M), and Wood Stakes (£1.34M).

Origins In August 2024 the exports of United Kingdom were mainly from Dover Eurotunnel (£7.96M), Immingham (£7.79M), London Gateway (£1.1M), Medway (£924k), and Dover (£829k), while imports destinations were mainly London (£20.5M), Immingham (£13.5M), Dover (£11.9M), Medway (£5.62M), and Middlesbrough (£5.39M).

Growth In August 2024, the decrease in United Kingdom's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Hard Liquor (£-7.66M or -45.5%), Thermostats (£-263k or -94.9%), and Binoculars and Telescopes (£-174k or -98.2%). In August 2024, the increase in United Kingdom's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Aircraft parts including unmanned craft (£735k or 200%), Wood Carpentry (£708k or 424%), and Plywood (£511k or 51.8%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)£-9.38M(-29.6%)
IMPORT GROWTH (August 2023 - August 2024)£23.9M(37.8%)
MAIN EXPORTER (August 2024)Dover Eurotunnel£7.96M

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

To check Latvia and United Kingdom trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Latvia and United Kingdom Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, United Kingdom exported $346M to Latvia. The main products exported from United Kingdom to Latvia were Hard Liquor ($128M), Cars ($38.1M), and Aircraft Parts ($7.92M). During the last 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 5.73%, from $465M in 2017 to $346M in 2022.

In 2017, Latvia exported $1.19B to United Kingdom. The main products exported from Latvia to United Kingdom were Sawn Wood ($488M), Fuel Wood ($253M), and Rapeseed ($33.4M). During the last 5 years the exports of Latvia to United Kingdom have increased at an annualized rate of 10.3%, from $731M in 2022 to $1.19B in 2017.

Exports from United Kingdom (Flag) to Latvia (Flag) (2022)

Exports from Latvia (Flag) to United Kingdom (Flag) (2022)

Market Competitiveness

Color
United Kingdom
Top DestinationUnited States$61.8B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from United Kingdom than Latvia included United States ($61.8B), Netherlands ($41.9B), and Germany ($40.6B).

In 2022, countries that imported more from Latvia than United Kingdom included Lithuania ($4.09B), Estonia ($2.26B), and Belarus ($194M).

Difference in imports from Latvia (Flag) and United Kingdom (Flag) (2022)

Comparative Advantage United Kingdom - Latvia

Flow
Scale

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

During 2022, United Kingdom had a large net trade with Latvia in the exports of Foodstuffs ($135M), Transportation ($61.2M), and Machines ($42.5M).

During 2017, Latvia had a large net trade with United Kingdom in the exports of Wood Products ($861M), Machines ($61.6M), and Vegetable Products ($40M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential United Kingdom Latvia+$18.9MCars
Top Product Potential Latvia United Kingdom+$17MPackaged Medicaments

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 2019, United Kingdom exported services to Latvia worth $128M, with Travel ($105M), Other business services ($8.96M), and Government services, n.i.e. ($3.81M) being the largest in terms of value.

In 2020, Latvia exported services to United Kingdom worth $243M, with Transportation ($95.9M), Other business services ($57.1M), and Computer and information services ($32M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United Kingdom (Flag) to Latvia (Flag) (2019)

Services Exports from Latvia (Flag) to United Kingdom (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of United Kingdom (Flag) and Latvia (Flag) (2022)

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