Flag Norway / Latvia Flag

2021
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Exports
: $194M, Rnk 45 / 204

2021
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Top Product
: $45.3M, Refined Petroleum

2021
FlagFlag
Exports
: $416M, Rnk 14 / 193

2021
FlagFlag
Top Product
: $33.8M, Iron Structures

2021
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Economic Complexity (ECI)
: ECI 0.69, Rnk 38 / 131

2021
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GDP
: $482B, CURRENT US$
Rnk 27 / 182

2011-2021
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GDP GROWTH
: -3.18%, CURRENT US$
Rnk 156 / 182

2021
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 GDP
: $38.9B, CURRENT US$
Rnk 91 / 182

2011-2021
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GDP GROWTH
: 41.5%, CURRENT US$
Rnk 71 / 182

2021
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GDP PC 
: $89,203, CURRENT US$
Rnk 5 / 182

2011-2021
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GDP PC GROWTH
: -11.3%, CURRENT US$
Rnk 150 / 182

2021
Flag
GDP PC
: $20,642, CURRENT US$
Rnk 43 / 182

2011-2021
Flag
GDP PC GROWTH
: 54.8%, CURRENT US$
Rnk 25 / 182

Norway-Latvia In 2021, Norway exported $194M to Latvia. The main products that Norway exported to Latvia are Refined Petroleum ($45.3M), Rough Wood ($37.5M), and Non-fillet Fresh Fish ($27.2M). During the last 26 years the exports of Norway to Latvia have increased at an annualized rate of 8.32%, from $24.4M in 1995 to $194M in 2021.

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 In 2021, Latvia exported $416M to Norway. The main products that Latvia exported to Norway were Iron Structures ($33.8M), Prefabricated Buildings ($32.9M), and Particle Board ($26.1M). During the last 26 years the exports of Latvia to Norway have increased at an annualized rate of 6.81%, from $75M in 1995 to $416M in 2021.

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 2021,  Norway ranked 38 in the Economic Complexity Index (ECI 0.69),  and 33 in total exports ($164B). That same year, Latvia ranked 75 in total exports ($20B), and does not have data regarding Economic Complexity Index.

Historical Data

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Bilateral Trade by Products

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Depth
Value

In 2021, Norway exported $194M to Latvia. The main products exported from Norway to Latvia were Refined Petroleum ($45.3M), Rough Wood ($37.5M), and Non-fillet Fresh Fish ($27.2M). During the last 26 years the exports of Norway to Latvia have increased at an annualized rate of 8.32%, from $24.4M in 1995 to $194M in 2021.

In 2021, Latvia exported $416M to Norway. The main products exported from Latvia to Norway were Iron Structures ($33.8M), Prefabricated Buildings ($32.9M), and Particle Board ($26.1M). During the last 26 years the exports of Latvia to Norway have increased at an annualized rate of 6.81%, from $75M in 1995 to $416M in 2021.

Market Competitiveness

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Color

Norway
Top Destination
: United Kingdom, $33.5B

Latvia
Top Destination
: Lithuania, $3.35B

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 2021, countries that imported more from Norway than Latvia were United Kingdom ($33.5B), Germany ($31.5B), and Sweden ($13.7B).

In 2021, countries that imported more from Latvia than Norway were Lithuania ($3.35B), Estonia ($1.81B), and Russia ($1.38B).

Comparative Advantage Norway - Latvia

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Flow
Scale

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

During 2021, Norway had a large net trade with Latvia in the exports of Mineral Products ($51.1M), Animal Products ($47.8M), and Wood Products ($41.5M).

During 2021, Latvia had a large net trade with Norway in the exports of Wood Products ($94.8M), Metals ($66.9M), and Miscellaneous ($49M).

Bilateral Service Trade

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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.

Economic Complexity

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Competitive Landscape

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This visualization show the product space at the HS4 level colored from blue to yellow.  This mean that the more blue a dot/product is, the more Norway has comparative advantage over Latvia. Similarly, the more yellow a dot/product is, the more Latvia has comparative advantage over Norway.