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2022
Flag → Flag
Exports $158MRnk 49 / 209
2022
Flag → Flag
Top Product $54.8MRough Wood
2022
Flag → Flag
Exports $450MRnk 14 / 194
2022
Flag → Flag
Top Product $41.2MIron Structures
2022
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Economic Complexity (ECI) ECI 0.54Rnk 43 / 133
2022
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GDP$579BCURRENT US$
Rnk 24 / 186
2012-2022
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GDP GROWTH13%CURRENT US$
Rnk 141 / 186
2022
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 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
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GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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GDP PC $106,149CURRENT US$
Rnk 3 / 186
2012-2022
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GDP PC GROWTH3.89%CURRENT US$
Rnk 131 / 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

About

Norway-Latvia Trade: In 2022, Norway exported $158M to Latvia. The main products that Norway exported to Latvia were Rough Wood ($54.8M), Non-fillet Fresh Fish ($18.6M), and Non-fillet Frozen Fish ($15.9M). Over the past 5 years the exports of Norway to Latvia have increased at an annualized rate of 7.86%, from $108M in 2017 to $158M in 2022.

In 2009, Norway exported services to Latvia worth $15.5M, with Travel ($8.15M), Other business services ($4M), and Communications services ($3.36M) being the largest in terms of value.

Latvia-Norway Trade: In 2022, Latvia exported $450M to Norway. The main products that Latvia exported to Norway were Iron Structures ($41.2M), Prefabricated Buildings ($36.1M), and Brochures ($24.9M). Over the past 5 years the exports of Latvia to Norway have increased at an annualized rate of 5.54%,  from $344M in 2017 to $450M in 2022.

In 2020, Latvia exported services to Norway worth $172M, with Transportation ($60.5M), Computer and information services ($32M), and Other business services ($29.7M) being the largest in terms of value.

Comparison In 2022,  Norway ranked 43 in the Economic Complexity Index (ECI 0.54),  and 28 in total exports ($285B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

October, 2024

About

Overview In October 2024, Norway exported NOK288M and imported NOK390M from Latvia, resulting in a negative trade balance of NOK102M. Between October 2023 and October 2024 the exports of Norway have increased by NOK105M (57.8%) from NOK182M to NOK288M, while imports decreased by NOK-66M (-14.5%) from NOK456M to NOK390M.

Trade In October 2024, the top exports of Norway to Latvia were Fish (not marine mammals), crustaceans, molluscs... (NOK59.4M), Cork and wood (NOK19.9M), Machinery specialized for particular industries (NOK5.64M), Cork and wood manufactures (excluding furniture) (NOK5.18M), and Road vehicles (including air-cushion vehicles) (NOK4.82M). In October 2024 the top imports of Norway from Latvia were Manufactures of metals, n.e.s. (NOK88.3M), Miscellaneous manufactured articles, n.e.s. (NOK47M), Cork and wood manufactures (excluding furniture) (NOK40.4M), Vegetables and fruit (NOK33M), and Cork and wood (NOK29.8M).

Growth In October 2024, the increase in Norway's year-by-year exports to Latvia was explained primarily by an increase in product exports in Fish (not marine mammals), crustaceans, molluscs... (NOK20.3M or 52%), Cork and wood manufactures (excluding furniture) (NOK4.44M or 602%), and Machinery specialized for particular industries (NOK3.17M or 128%). In October 2024, the decrease in Norway's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Prefabricated buildings; sanitary, plumbing, heating and... (NOK-14.2M or -40%), Fish (not marine mammals), crustaceans, molluscs... (NOK-9.65M or -96.4%), and Textile yarn, fabrics, made-up articles, n.e.s.,... (NOK-2.75M or -31.4%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (October 2023 - October 2024)NOK105M(57.8%)
IMPORT GROWTH (October 2023 - October 2024)NOK-66M(-14.5%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Norway Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Norway exported $158M to Latvia. The main products exported from Norway to Latvia were Rough Wood ($54.8M), Non-fillet Fresh Fish ($18.6M), and Non-fillet Frozen Fish ($15.9M). During the last 5 years the exports of Norway to Latvia have increased at an annualized rate of 7.86%, from $108M in 2017 to $158M in 2022.

In 2017, Latvia exported $450M to Norway. The main products exported from Latvia to Norway were Iron Structures ($41.2M), Prefabricated Buildings ($36.1M), and Brochures ($24.9M). During the last 5 years the exports of Latvia to Norway have increased at an annualized rate of 5.54%, from $344M in 2022 to $450M in 2017.

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

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

Market Competitiveness

Color
Norway
Top DestinationGermany$78.1B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Norway than Latvia included Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

In 2022, countries that imported more from Latvia than Norway included Estonia ($2.26B), Lithuania ($4.09B), and Russia ($1.26B).

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

Comparative Advantage Norway - Latvia

Flow
Scale

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

During 2022, Norway had a large net trade with Latvia in the exports of Wood Products ($60.5M), Animal Products ($42.4M), and Machines ($12.6M).

During 2017, Latvia had a large net trade with Norway in the exports of Wood Products ($101M), Metals ($76.7M), and Miscellaneous ($52M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Norway Latvia+$3.07MNon-fillet Fresh Fish
Top Product Potential Latvia Norway+$3.26MOther Furniture

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 2009, Norway exported services to Latvia worth $15.5M, with Travel ($8.15M), Other business services ($4M), and Communications services ($3.36M) being the largest in terms of value.

In 2020, Latvia exported services to Norway worth $172M, with Transportation ($60.5M), Computer and information services ($32M), and Other business services ($29.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Norway (Flag) to Latvia (Flag) (2009)

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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