Latvia (LVA) and Russia (RUS) Trade | The Observatory of Economic Complexity

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Latvia-Russia Trade: In 2022, Latvia exported $1.26B to Russia. The main products that Latvia exported to Russia were Wine ($151M), Hard Liquor ($148M), and Packaged Medicaments ($112M). Over the past 5 years the exports of Latvia to Russia have increased at an annualized rate of 1.27%, from $1.18B in 2017 to $1.26B in 2022.

In 2020, Latvia exported services to Russia worth $267M, with Transportation ($144M), Travel ($38.8M), and Other business services ($30.8M) being the largest in terms of value.

Russia-Latvia Trade: In 2022, Russia exported $1.77B to Latvia. The main products that Russia exported to Latvia were Petroleum Gas ($562M), Electricity ($254M), and Refined Petroleum ($164M). Over the past 5 years the exports of Russia to Latvia have decreased at an annualized rate of 17.4%, from $4.61B in 2017 to $1.77B in 2022.

In 2020, Russia exported services to Latvia worth $311M, with Transportation ($167M), Computer and information services ($40.7M), and Other business services ($36.8M) 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, Russia ranked 47 in the Economic Complexity Index (ECI 0.43), and 12 in total exports ($486B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Latvia exported $1.26B to Russia. The main products exported from Latvia to Russia were Wine ($151M), Hard Liquor ($148M), and Packaged Medicaments ($112M). During the last 5 years the exports of Latvia to Russia have increased at an annualized rate of 1.27%, from $1.18B in 2017 to $1.26B in 2022.

In 2017, Russia exported $1.77B to Latvia. The main products exported from Russia to Latvia were Petroleum Gas ($562M), Electricity ($254M), and Refined Petroleum ($164M). During the last 5 years the exports of Russia to Latvia have decreased at an annualized rate of 17.4%, from $4.61B in 2022 to $1.77B in 2017.

Exports from Latvia () to Russia () (2022)

Exports from Russia () to Latvia () (2022)

Latest Data

Trade between Latvia () and Russia ()

Latvia Exports

Date

Russia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Latvia
Top DestinationLithuania$4.09B

Russia
Top DestinationChina$101B

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

In 2022, countries that imported more from Latvia than Russia included Lithuania ($4.09B), Sweden ($1.19B), and Denmark ($972M).

In 2022, countries that imported more from Russia than Latvia included China ($101B), India ($40.4B), and Germany ($27.7B).

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

Comparative Advantage Latvia - Russia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Latvia had a large net trade with Russia in the exports of Foodstuffs ($390M), Machines ($260M), and Chemical Products ($154M).

During 2017, Russia had a large net trade with Latvia in the exports of Mineral Products ($1.01B), Metals ($149M), and Vegetable Products ($135M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Latvia Russia+$47.8MPackaged Medicaments

Top Product Potential Russia Latvia+$124MPetroleum Gas

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

Rus Year

Lva Year

In 2020, Latvia exported services to Russia worth $267M, with Transportation ($144M), Travel ($38.8M), and Other business services ($30.8M) being the largest in terms of value.

In 2020, Russia exported services to Latvia worth $311M, with Transportation ($167M), Computer and information services ($40.7M), and Other business services ($36.8M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Latvia () to Russia () (2022)

Exports from Russia () to Latvia () (2022)

Latest Data

Trade between Latvia () and Russia ()

Latvia Exports

Russia Exports

Market Competitiveness

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

Comparative Advantage Latvia - Russia

Potential Exports

Potential Exports

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Bilateral Service Trade

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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