India (IND) and Latvia (LVA) Trade | The Observatory of Economic Complexity

About

India-Latvia In 2022, India exported $158M to Latvia. The main products that India exported to Latvia are Rubber Tires ($48.9M), Packaged Medicaments ($16.8M), and Coated Flat-Rolled Iron ($10M). During the last 27 years the exports of India to Latvia have increased at an annualized rate of 13.6%, from $5.07M in 1995 to $158M in 2022.

In 2022, India did not export any services to Latvia.

Latvia-India In 2022, Latvia exported $302M to India. The main products that Latvia exported to India were Coal Briquettes ($82.1M), Nitrogenous Fertilizers ($80.1M), and Seed Oils ($41.9M). During the last 27 years the exports of Latvia to India have increased at an annualized rate of 15.1%, from $6.86M in 1995 to $302M in 2022.

In 2020, Latvia exported services to India worth $24M, with Travel ($21.7M) and Computer and information services ($2.28M) being the largest in terms of value.

Comparison In 2022, India ranked 42 in the Economic Complexity Index (ECI 0.57), and 15 in total exports ($468B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

January, 2024

About

Overview In January 2024, India exported $16.3M and imported $7.98M from Latvia, resulting in a positive trade balance of $8.33M. Between January 2023 and January 2024 the exports of India have decreased by $-1.73M (-9.58%) from $18M to $16.3M, while imports decreased by $-9.77M (-55.1%) from $17.7M to $7.98M.

Trade In January 2024, the top exports of India to Latvia were Auto Tyres And Tubes ($7.81M), Agro Chemicals ($1.21M), Atm, Injctng Mlding Mchnry Etc ($1.17M), Drug Formulations, Biologicals ($824k), and Petroleum Products ($579k). In January 2024 the top imports of India from Latvia were Inorganic Chemicals ($10.3M), Iron And Steel ($2.67M), Othr Rubber Prodct Excpt Footw ($1.15M), Organic Chemicals ($487k), and Telecom Instruments ($485k).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (January 2023 - January 2024)$-1.73M(-9.58%)

IMPORT GROWTH (January 2023 - January 2024)$-9.77M(-55.1%)

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

To check Latvia and India trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, India exported $158M to Latvia. The main products exported from India to Latvia were Rubber Tires ($48.9M), Packaged Medicaments ($16.8M), and Coated Flat-Rolled Iron ($10M). During the last 27 years the exports of India to Latvia have increased at an annualized rate of 13.6%, from $5.07M in 1995 to $158M in 2022.

In 2022, Latvia exported $302M to India. The main products exported from Latvia to India were Coal Briquettes ($82.1M), Nitrogenous Fertilizers ($80.1M), and Seed Oils ($41.9M). During the last 27 years the exports of Latvia to India have increased at an annualized rate of 15.1%, from $6.86M in 1995 to $302M in 2022.

Exports from India () to Latvia () (2022)

Exports from Latvia () to India () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

India
Top DestinationUnited States$82.9B

Latvia
Top DestinationLithuania$4.09B

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

In 2021, countries that imported more from India than Latvia were United States ($82.9B), United Arab Emirates ($31.6B), and Netherlands ($17.6B).

In 2021, countries that imported more from Latvia than India were Lithuania ($4.09B), Estonia ($2.26B), and Finland ($1.06B).

Difference in imports from Latvia () and India () (2022)

Comparative Advantage India - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, India had a large net trade with Latvia in the exports of Plastics and Rubbers ($56M), Chemical Products ($32.3M), and Metals ($21.2M).

During 2022, Latvia had a large net trade with India in the exports of Chemical Products ($133M), Mineral Products ($83.9M), and Animal and Vegetable Bi-Products ($41.9M).

Service Trade

Bilateral Service Trade

Lva Year

In 2020, Latvia exported services to India worth $24M, with Travel ($21.7M) and Computer and information services ($2.28M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia () to India () (2020)

Economic Complexity

Competitive Landscape

Year

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 India has comparative advantage over Latvia. Similarly, the more yellow a dot/product is, the more Latvia has comparative advantage over India.

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Latest Trends

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Latest Trade

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Historical Data

Bilateral Trade by Products

Exports from India () to Latvia () (2022)

Exports from Latvia () to India () (2022)

Market Competitiveness

Difference in imports from Latvia () and India () (2022)

Comparative Advantage India - Latvia

Service Trade

Bilateral Service Trade

Services Exports from Latvia () to India () (2020)

Economic Complexity

Competitive Landscape

Product Space of India () and Latvia () (2022)

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