Norway (NOR) and Latvia (LVA) Trade | The Observatory of Economic Complexity

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Norway-Latvia In 2022, Norway exported $158M to Latvia. The main products that Norway exported to Latvia are Rough Wood ($54.8M), Non-fillet Fresh Fish ($18.6M), and Non-fillet Frozen Fish ($15.9M). During the last 27 years the exports of Norway to Latvia have increased at an annualized rate of 7.12%, from $24.6M in 1995 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 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). During the last 27 years the exports of Latvia to Norway have increased at an annualized rate of 6.66%, from $78.8M in 1995 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 41 in the Economic Complexity Index (ECI 0.58), 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

February, 2024

About

Overview In February 2024, Norway exported NOK169M and imported NOK338M from Latvia, resulting in a negative trade balance of NOK169M. Between February 2023 and February 2024 the exports of Norway have decreased by NOK-159M (-48.5%) from NOK328M to NOK169M, while imports decreased by NOK-9.79M (-2.82%) from NOK347M to NOK338M.

Trade In February 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 February 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 February 2024, the decrease in Norway's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Cork and wood (NOK-4.94M or -19.9%), Road vehicles (including air-cushion vehicles) (NOK-3.41M or -41.4%), and Professional, scientific and controlling instruments and... (NOK-2.31M or -95.4%). In February 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

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)NOK-159M(-48.5%)

IMPORT GROWTH (February 2023 - February 2024)NOK-9.79M(-2.82%)

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.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

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 27 years the exports of Norway to Latvia have increased at an annualized rate of 7.12%, from $24.6M in 1995 to $158M in 2022.

In 2022, 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 27 years the exports of Latvia to Norway have increased at an annualized rate of 6.66%, from $78.8M in 1995 to $450M in 2022.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

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 2021, countries that imported more from Norway than Latvia were Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

In 2021, countries that imported more from Latvia than Norway were Estonia ($2.26B), Lithuania ($4.09B), and Russia ($1.26B).

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

Comparative Advantage Norway - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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 2022, Latvia had a large net trade with Norway in the exports of Wood Products ($101M), Metals ($76.7M), and Miscellaneous ($52M).

Service Trade

Bilateral Service Trade

Lva Year

Nor Year

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 () to Latvia () (2009)

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

Economic Complexity

Competitive Landscape

Year

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.

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Latest Trends

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Latest Trade

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Historical Data

Bilateral Trade by Products

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

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

Market Competitiveness

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

Comparative Advantage Norway - Latvia

Service Trade

Bilateral Service Trade

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

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

Economic Complexity

Competitive Landscape

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

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