Iran (IRN) and Latvia (LVA) Trade | The Observatory of Economic Complexity

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Iran-Latvia Trade: In 2023, Iran exported $743k to Latvia. The main products that Iran exported to Latvia were Grapes ($516k), Tropical Fruits ($98.8k), and Other Vegetables ($93.2k). Over the past 5 years the exports of Iran to Latvia have increased at an annualized rate of 17.4%, from $333k in 2018 to $743k in 2023.

In 2023, Iran did not export any services to Latvia.

Latvia-Iran Trade: In 2023, Latvia exported $227k to Iran. The main products that Latvia exported to Iran were Packaged Medicaments ($139k) and Peat ($88.6k). Over the past 5 years the exports of Latvia to Iran have decreased at an annualized rate of 51.3%, from $8.33M in 2018 to $227k in 2023.

In 2003, Latvia exported services to Iran worth $0, with Other business services ($1.97M) and Construction services (-$1.97M) being the largest in terms of value.

Comparison In 2023, Iran ranked 58 in the Economic Complexity Index (ECI 0.084), and 92 in total exports ($13.2B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Iran exported $743k to Latvia. The main products exported from Iran to Latvia were Grapes ($516k), Tropical Fruits ($98.8k), and Other Vegetables ($93.2k). During the last 5 years the exports of Iran to Latvia have increased at an annualized rate of 17.4%, from $333k in 2018 to $743k in 2023.

In 2018, Latvia exported $227k to Iran. The main products exported from Latvia to Iran were Packaged Medicaments ($139k) and Peat ($88.6k). During the last 5 years the exports of Latvia to Iran have decreased at an annualized rate of 51.3%, from $8.33M in 2023 to $227k in 2018.

Exports from Iran () to Latvia () (2023)

Exports from Latvia () to Iran () (2023)

Latest Data

Trade between Iran () and Latvia ()

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iran
Top DestinationChina$4.59B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Iran than Latvia included China ($4.59B), Turkey ($2.18B), and India ($1.02B).

In 2023, countries that imported more from Latvia than Iran included Lithuania ($3.77B), Estonia ($1.26B), and Russia ($1.22B).

Difference in imports from Latvia () and Iran () (2023)

Comparative Advantage Iran - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Iran had a large net trade with Latvia in the exports of Vegetable Products ($736k), Transportation ($5.75k), and Textiles ($714).

During 2018, Latvia had a large net trade with Iran in the exports of Chemical Products ($139k) and Mineral Products ($88.6k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Iran Latvia+$129kGrapes

Top Product Potential Latvia Iran+$101kTractors

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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Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Iran () to Latvia () (2023)

Exports from Latvia () to Iran () (2023)

Latest Data

Trade between Iran () and Latvia ()

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Iran () (2023)

Comparative Advantage Iran - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Iran () and Latvia () (2023)

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