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2022
Flag → Flag
Exports $1.19BRnk 5 / 194
2022
Flag → Flag
Top Product $155MRough Wood
2022
Flag → Flag
Exports $675MRnk 39 / 217
2022
Flag → Flag
Top Product $42.8MTractors
2022
Flag
Economic Complexity (ECI) ECI 1.49Rnk 9 / 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$586BCURRENT US$
Rnk 23 / 186
2012-2022
Flag
GDP GROWTH6.06%CURRENT US$
Rnk 151 / 186
2022
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GDP PC $21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186
2022
Flag
GDP PC$55,873CURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP PC GROWTH-3.73%CURRENT US$
Rnk 149 / 186

About

Latvia-Sweden Trade: In 2022, Latvia exported $1.19B to Sweden. The main products that Latvia exported to Sweden were Rough Wood ($155M), Fuel Wood ($79.3M), and Cement Articles ($74.5M). Over the past 5 years the exports of Latvia to Sweden have increased at an annualized rate of 8.53%, from $793M in 2017 to $1.19B in 2022.

In 2020, Latvia exported services to Sweden worth $636M, with Construction services ($177M), Communications services ($168M), and Transportation ($136M) being the largest in terms of value.

Sweden-Latvia Trade: In 2022, Sweden exported $675M to Latvia. The main products that Sweden exported to Latvia were Tractors ($42.8M), Rough Wood ($33.5M), and Non-fillet Fresh Fish ($24.7M). Over the past 5 years the exports of Sweden to Latvia have increased at an annualized rate of 2%,  from $491M in 2017 to $675M in 2022.

In 2020, Sweden exported services to Latvia worth $128M, with Other business services ($40.2M), Transportation ($17M), and Computer and information services ($16.6M) 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, Sweden ranked 9 in the Economic Complexity Index (ECI 1.49), and 33 in total exports ($194B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Latvia exported $1.19B to Sweden. The main products exported from Latvia to Sweden were Rough Wood ($155M), Fuel Wood ($79.3M), and Cement Articles ($74.5M). During the last 5 years the exports of Latvia to Sweden have increased at an annualized rate of 8.53%, from $793M in 2017 to $1.19B in 2022.

In 2017, Sweden exported $675M to Latvia. The main products exported from Sweden to Latvia were Tractors ($42.8M), Rough Wood ($33.5M), and Non-fillet Fresh Fish ($24.7M). During the last 5 years the exports of Sweden to Latvia have increased at an annualized rate of 2%, from $491M in 2022 to $675M in 2017.

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

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

Latest Data

Trade between Latvia (Flag) and Sweden (Flag)

Latvia Exports

Sweden Exports

Market Competitiveness

Color
Latvia
Top DestinationLithuania$4.09B
Sweden
Top DestinationGermany$19.2B

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

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

In 2022, countries that imported more from Sweden than Latvia included Norway ($18.7B), Germany ($19.2B), and United States ($17.8B).

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

Comparative Advantage Latvia - Sweden

Flow
Scale

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

During 2022, Latvia had a large net trade with Sweden in the exports of Wood Products ($366M), Metals ($193M), and Machines ($105M).

During 2017, Sweden had a large net trade with Latvia in the exports of Machines ($148M), Transportation ($86M), and Metals ($70.2M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Latvia Sweden+$9.95MMotor vehicles; parts and accessories (8701 to 8705)
Top Product Potential Sweden Latvia+$10.8MCars

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 Sweden worth $636M, with Construction services ($177M), Communications services ($168M), and Transportation ($136M) being the largest in terms of value.

In 2020, Sweden exported services to Latvia worth $128M, with Other business services ($40.2M), Transportation ($17M), and Computer and information services ($16.6M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

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

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