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2022
Flag → Flag
Exports $336MRnk 17 / 194
2022
Flag → Flag
Top Product $31.7MFuel Wood
2022
Flag → Flag
Exports $782MRnk 72 / 221
2022
Flag → Flag
Top Product $78.7MWine
2022
Flag
Economic Complexity (ECI) ECI 1.29Rnk 17 / 133
2022
Flag  
GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
Flag
 GDP$2.01TCURRENT US$
Rnk 10 / 186
2012-2022
Flag
GDP GROWTH-3.67%CURRENT US$
Rnk 169 / 186
2022
Flag
GDP PC $21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186
2022
Flag
GDP PC$34,158CURRENT US$
Rnk 30 / 186
2012-2022
Flag
GDP PC GROWTH-2.55%CURRENT US$
Rnk 148 / 186

About

Latvia-Italy Trade: In 2022, Latvia exported $336M to Italy. The main products that Latvia exported to Italy were Fuel Wood ($31.7M), Peat ($29.5M), and Industrial Fatty Acids, Oils and Alcohols ($22.5M). Over the past 5 years the exports of Latvia to Italy have increased at an annualized rate of 12.1%, from $190M in 2017 to $336M in 2022.

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.

Italy-Latvia Trade: In 2022, Italy exported $782M to Latvia. The main products that Italy exported to Latvia were Wine ($78.7M), Vermouth ($25.8M), and Hard Liquor ($18.2M). Over the past 5 years the exports of Italy to Latvia have increased at an annualized rate of 8.81%,  from $513M in 2017 to $782M in 2022.

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.

Comparison In 2022,  Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index. That same year, Italy ranked 17 in the Economic Complexity Index (ECI 1.29), and 7 in total exports ($634B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Latvia exported $336M to Italy. The main products exported from Latvia to Italy were Fuel Wood ($31.7M), Peat ($29.5M), and Industrial Fatty Acids, Oils and Alcohols ($22.5M). During the last 5 years the exports of Latvia to Italy have increased at an annualized rate of 12.1%, from $190M in 2017 to $336M in 2022.

In 2017, Italy exported $782M to Latvia. The main products exported from Italy to Latvia were Wine ($78.7M), Vermouth ($25.8M), and Hard Liquor ($18.2M). During the last 5 years the exports of Italy to Latvia have increased at an annualized rate of 8.81%, from $513M in 2022 to $782M in 2017.

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

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

Latest Data

Trade between Latvia (Flag) and Italy (Flag)

Latvia Exports

Italy Exports

Market Competitiveness

Color
Latvia
Top DestinationLithuania$4.09B
Italy
Top DestinationGermany$78.5B

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

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

In 2022, countries that imported more from Italy than Latvia included Germany ($78.5B), United States ($68.2B), and France ($63.8B).

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

Comparative Advantage Latvia - Italy

Flow
Scale

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

During 2022, Latvia had a large net trade with Italy in the exports of Wood Products ($97.1M), Chemical Products ($39.6M), and Mineral Products ($34.9M).

During 2017, Italy had a large net trade with Latvia in the exports of Machines ($171M), Foodstuffs ($167M), and Textiles ($96.9M).

Potential Exports

Potential Exports

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

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 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.

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.

Service trade data is presented based on availability.

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

Services Exports from Italy (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 Italy. This means that a dot/product with the flag of Latvia indicates it has a comparative advantage over Italy. Similarly, a dot/product with the flag of Italy indicates it has a comparative advantage over Latvia.

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

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