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2022
Flag → Flag
Exports $128MRnk 25 / 194
2022
Flag → Flag
Top Product $7.99MOther Electrical Machinery
2022
Flag → Flag
Exports $220MRnk 56 / 217
2022
Flag → Flag
Top Product $33.5MPackaged Medicaments
2022
Flag
Economic Complexity (ECI) ECI 1.5Rnk 8 / 133
2022
Flag  
GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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 GDP$471BCURRENT US$
Rnk 32 / 186
2012-2022
Flag
GDP GROWTH15.1%CURRENT US$
Rnk 137 / 186
2022
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GDP PC $21,851CURRENT US$
Rnk 47 / 186
2012-2022
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GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186
2022
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GDP PC$52,131CURRENT US$
Rnk 17 / 186
2012-2022
Flag
GDP PC GROWTH7.34%CURRENT US$
Rnk 124 / 186

About

Latvia-Austria Trade: In 2022, Latvia exported $128M to Austria. The main products that Latvia exported to Austria were Other Electrical Machinery ($7.99M), Ferroalloys ($7.19M), and Other Iron Products ($6.98M). Over the past 5 years the exports of Latvia to Austria have increased at an annualized rate of 16.4%, from $60.2M in 2017 to $128M in 2022.

In 2020, Latvia exported services to Austria worth $45.7M, with Other business services ($29.7M), Transportation ($9.14M), and Communications services ($3.43M) being the largest in terms of value.

Austria-Latvia Trade: In 2022, Austria exported $220M to Latvia. The main products that Austria exported to Latvia were Packaged Medicaments ($33.5M), Broadcasting Equipment ($9.44M), and Pesticides ($5.71M). Over the past 5 years the exports of Austria to Latvia have increased at an annualized rate of 7.55%,  from $153M in 2017 to $220M in 2022.

In 2020, Austria exported services to Latvia worth $54.8M, with Insurance services ($18.3M), Travel ($10.3M), and Other business services ($9.14M) being the largest in terms of value.

Comparison In 2022,  Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index. That same year, Austria ranked 8 in the Economic Complexity Index (ECI 1.5), and 32 in total exports ($209B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Latvia exported $128M to Austria. The main products exported from Latvia to Austria were Other Electrical Machinery ($7.99M), Ferroalloys ($7.19M), and Other Iron Products ($6.98M). During the last 5 years the exports of Latvia to Austria have increased at an annualized rate of 16.4%, from $60.2M in 2017 to $128M in 2022.

In 2017, Austria exported $220M to Latvia. The main products exported from Austria to Latvia were Packaged Medicaments ($33.5M), Broadcasting Equipment ($9.44M), and Pesticides ($5.71M). During the last 5 years the exports of Austria to Latvia have increased at an annualized rate of 7.55%, from $153M in 2022 to $220M in 2017.

Exports from Latvia (Flag) to Austria (Flag) (2022)

Exports from Austria (Flag) to Latvia (Flag) (2022)

Latest Data

Trade between Latvia (Flag) and Austria (Flag)

Latvia Exports

Austria Exports

Market Competitiveness

Color
Latvia
Top DestinationLithuania$4.09B
Austria
Top DestinationGermany$57.7B

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

In 2022, countries that imported more from Latvia than Austria included Lithuania ($4.09B), Estonia ($2.26B), and Nigeria ($512M).

In 2022, countries that imported more from Austria than Latvia included Germany ($57.7B), United States ($14.4B), and Italy ($13.6B).

Difference in imports from Austria (Flag) and Latvia (Flag) (2022)

Comparative Advantage Latvia - Austria

Flow
Scale

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

During 2022, Latvia had a large net trade with Austria in the exports of Machines ($31M), Wood Products ($26.2M), and Metals ($24.5M).

During 2017, Austria had a large net trade with Latvia in the exports of Chemical Products ($57.1M), Machines ($54.7M), and Transportation ($21.3M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Latvia Austria+$5.17MTelephones
Top Product Potential Austria Latvia+$7.78MPackaged 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 2020, Latvia exported services to Austria worth $45.7M, with Other business services ($29.7M), Transportation ($9.14M), and Communications services ($3.43M) being the largest in terms of value.

In 2020, Austria exported services to Latvia worth $54.8M, with Insurance services ($18.3M), Travel ($10.3M), and Other business services ($9.14M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Latvia (Flag) and Austria (Flag) (2022)

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