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2023
Flag → Flag
Exports $874MRnk 71 / 219
2023
Flag → Flag
Top Product $93.4MWine
2023
Flag → Flag
Exports $350MRnk 15 / 198
2023
Flag → Flag
Top Product $35MPlywood
2023
Flag
Economic Complexity (ECI) ECI 1.29Rnk 18 / 132
2023
Flag  
GDP$2.3TCURRENT US$
Rnk 8 / 195
2013-2023
Flag
GDP GROWTH6.86%CURRENT US$
Rnk 165 / 195
2023
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 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
Flag
GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
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GDP PC $39,003CURRENT US$
Rnk 32 / 195
2013-2023
Flag
GDP PC GROWTH9.11%CURRENT US$
Rnk 136 / 195
2023
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GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
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GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

Italy-Latvia Trade: In 2023, Italy exported $874M to Latvia. The main products that Italy exported to Latvia were Wine ($93.4M), Vermouth ($43.9M), and Hard Liquor ($29.6M). Over the past 5 years the exports of Italy to Latvia have increased at an annualized rate of 11.6%, from $505M in 2018 to $874M in 2023.

In 2020, Italy exported services to Latvia worth $50.3M, with Travel ($21.8M), Transportation ($11.9M), and Other business services ($10.4M) being the largest in terms of value.

Latvia-Italy Trade: In 2023, Latvia exported $350M to Italy. The main products that Latvia exported to Italy were Plywood ($35M), Peat ($32.6M), and Pig Iron ($24M). Over the past 5 years the exports of Latvia to Italy have increased at an annualized rate of 13.7%,  from $185M in 2018 to $350M in 2023.

In 2020, Latvia exported services to Italy worth $89.1M, with Transportation ($68.5M), Computer and information services ($9.14M), and Other business services ($6.85M) being the largest in terms of value.

Comparison In 2023,  Italy ranked 18 in the Economic Complexity Index (ECI 1.29),  and 6 in total exports ($638B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

October, 2024

About

Overview In October 2024, Italy exported €37.6M and imported €24.6M from Latvia, resulting in a positive trade balance of €13M. Between October 2023 and October 2024 the exports of Italy have increased by €1.83M (5.1%) from €35.8M to €37.6M, while imports increased by €11.6M (88.9%) from €13M to €24.6M.

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€1.83M(5.1%)
IMPORT GROWTH (October 2023 - October 2024)€11.6M(88.9%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Italy Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Italy exported $874M to Latvia. The main products exported from Italy to Latvia were Wine ($93.4M), Vermouth ($43.9M), and Hard Liquor ($29.6M). During the last 5 years the exports of Italy to Latvia have increased at an annualized rate of 11.6%, from $505M in 2018 to $874M in 2023.

In 2018, Latvia exported $350M to Italy. The main products exported from Latvia to Italy were Plywood ($35M), Peat ($32.6M), and Pig Iron ($24M). During the last 5 years the exports of Latvia to Italy have increased at an annualized rate of 13.7%, from $185M in 2023 to $350M in 2018.

Exports from Italy (Flag) to Latvia (Flag) (2023)

Exports from Latvia (Flag) to Italy (Flag) (2023)

Market Competitiveness

Color
Italy
Top DestinationGermany$71.4B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Italy than Latvia included Germany ($71.4B), United States ($70.9B), and France ($61.1B).

In 2023, countries that imported more from Latvia than Italy included Lithuania ($3.77B), Estonia ($1.26B), and Gambia ($7.6M).

Difference in imports from Latvia (Flag) and Italy (Flag) (2023)

Comparative Advantage Italy - Latvia

Flow
Scale

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

During 2023, Italy had a large net trade with Latvia in the exports of Foodstuffs ($218M), Machines ($169M), and Textiles ($100M).

During 2018, Latvia had a large net trade with Italy in the exports of Wood Products ($87.2M), Transportation ($41.9M), and Mineral Products ($41M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Italy Latvia+$9.37MMotor vehicles; parts and accessories (8701 to 8705)
Top Product Potential Latvia Italy+$13.3MTelephones

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, Italy exported services to Latvia worth $50.3M, with Travel ($21.8M), Transportation ($11.9M), and Other business services ($10.4M) being the largest in terms of value.

In 2020, Latvia exported services to Italy worth $89.1M, with Transportation ($68.5M), Computer and information services ($9.14M), and Other business services ($6.85M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Italy (Flag) and Latvia (Flag) (2023)

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