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

About

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.

Latest Trends

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June, 2023

About

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Overview In June 2023, Norway exported NOK186M and imported NOK387M from Latvia, resulting in a negative trade balance of NOK200M. Between June 2022 and June 2023 the exports of Norway have increased by NOK23.8M (14.7%) from NOK162M to NOK186M, while imports decreased by NOK-30M (-7.19%) from NOK417M to NOK387M.

Trade In June 2023, the top exports of Norway to Latvia were Fish (not marine mammals), crustaceans, molluscs... (NOK39.1M), Cork and wood (NOK24.9M), Road vehicles (including air-cushion vehicles) (NOK8.22M), General industrial machinery and equipment, n.e.s.,... (NOK5.3M), and Electrical machinery, apparatus and appliances, n.e.s.,... (NOK4.98M). In June 2023 the top imports of Norway from Latvia were Manufactures of metals, n.e.s. (NOK64.7M), Cork and wood manufactures (excluding furniture) (NOK42.1M), Prefabricated buildings; sanitary, plumbing, heating and... (NOK35.4M), Cork and wood (NOK31.1M), and Miscellaneous manufactured articles, n.e.s. (NOK26.5M).

Growth In June 2023, the increase in Norway's year-by-year exports to Latvia was explained primarily by an increase in product exports in Cork and wood (NOK17.7M or 245%), Fish (not marine mammals), crustaceans, molluscs... (NOK9.81M or 33.5%), and Road vehicles (including air-cushion vehicles) (NOK6.76M or 461%). In June 2023, the decrease in Norway's year-by-year imports from Latvia was explained primarily by an decrease in product imports in Other transport equipment (NOK-4.92M or -82.3%), Inorganic chemicals (NOK-4.55M or -73.2%), and Non-metallic mineral manufactures, n.e.s. (NOK-2.21M or -38.9%).

Latest Trade

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Flow

Time Scale

Value

EXPORT GROWTH (June 2022 - June 2023): NOK23.8M, (14.7%)

IMPORT GROWTH (June 2022 - June 2023): NOK-30M, (-7.19%)

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

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Bilateral Trade by Products

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Depth

Value

Year

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

SectionYear

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

Year

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).

Service Trade

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Bilateral Service Trade

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Lva YearNor 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.

Economic Complexity

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Competitive Landscape

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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.

About

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Market Competitiveness

Comparative Advantage Norway - Latvia

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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