Flag Poland / Latvia Flag

Exports Flag β†’ Flag  (2018): $1.6B, Rnk 25 / 207

Top Product Flag β†’ Flag (2018): $63.5M, Packaged Medicaments

Exports Flag β†’ Flag (2018): $627M, Rnk 9 / 191

Top Product Flag β†’ Flag (2018): $49M, Hot-Rolled Iron

Economic Complexity of Flag (2018): ECI 1.12, Rnk 22 / 137

Economic Complexity of Flag (2018): ECI 0.84, Rnk 36 / 137

GDP Flag (2018): $586B, CURRENT US$
Rnk 21 / 196

GDP GROWTH Flag (2008-2018): 9.71%, CURRENT US$
Rnk 145 / 196

GDP Flag (2018): $34.4B, CURRENT US$
Rnk 99 / 196

GDP GROWTH Flag (2008-2018): -3.5%, CURRENT US$
Rnk 175 / 196

GDP PC Flag (2018): $15,421, CURRENT US$
Rnk 62 / 196

GDP PC GROWTH Flag (2008-2018): 10.1%, CURRENT US$
Rnk 122 / 196

GDP PC Flag (2018): $17,861, CURRENT US$
Rnk 52 / 196

GDP PC GROWTH Flag (2008-2018): 9.06%, CURRENT US$
Rnk 125 / 196

Poland-Latvia: In 2018, Poland exported $1.6B to Latvia. The main products exported from Poland to Latvia were Packaged Medicaments ($63.5M), Cars ($44.1M), and Vehicle Parts ($39.2M). During the last 23 years the exports of Poland to Latvia have increased at an annualized rate of 17.6%, from $38.4M in 1995 to $1.6B in 2018. In 2016, Poland exported services to Latvia worth $204M, with Travel ($121M), Transportation ($34.9M), and Insurance services ($17.8M) being the largest in terms of value.

Latvia-Poland: In 2018, Latvia exported $627M to Poland. The main products exported from Latvia to Poland were Hot-Rolled Iron ($49M), Broadcasting Equipment ($42.8M), and Coated Flat-Rolled Iron ($25.6M). During the last 23 years the exports of Latvia to Poland have increased at an annualized rate of 13.3%, from $35.3M in 1995 to $627M in 2018. In 2016, Latvia exported services to Poland worth $86.3M, with Other business services ($39.8M), Transportation ($19.9M), and Travel ($13.3M) being the largest in terms of value.

Comparison: In 2018, Poland ranked 22 in the Economic Complexity Index (ECI 1.12), and 23 in total exports ($259B). That same year, Latvia ranked 36 in the Economic Complexity Index (ECI 0.84), and 78 in total exports ($15.8B). In terms of GDP Per Capita, Poland was ranked 62 with a GDP Per Capita of $15,421, and Latvia was ranked 52 with a GDP Per Capita of $17,861.

Bilateral Trade by Products

#permalink to section
Depth
Value

In 2018, Poland exported $1.6B to Latvia. The main products exported from Poland to Latvia were Packaged Medicaments ($63.5M), Cars ($44.1M), and Vehicle Parts ($39.2M). During the last 23 years the exports of Poland to Latvia have increased at an annualized rate of 17.6%, from $38.4M in 1995 to $1.6B in 2018.

In 2018, Latvia exported $627M to Poland. The main products exported from Latvia to Poland were Hot-Rolled Iron ($49M), Broadcasting Equipment ($42.8M), and Coated Flat-Rolled Iron ($25.6M). During the last 23 years the exports of Latvia to Poland have increased at an annualized rate of 13.3%, from $35.3M in 1995 to $627M in 2018.

Market Competitiveness

#permalink to section
Measure

Poland
Top Destination
: Germany, $70.7B

Latvia
Top Destination
: Lithuania, $2.25B

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

In 2018, countries that imported more from Poland than Latvia were Germany ($70.7B), Czechia ($16.1B), and United Kingdom ($15.9B).

In 2018, countries that imported more from Latvia than Poland were Estonia ($1.45B), Jordan ($219M), and Uzbekistan ($261M).

Comparative Advantage Poland - Latvia

#permalink to section
Depth

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

During 2018, Poland had a large net trade with Latvia in the exports of Machines ($285M), Chemical Products ($214M), and Foodstuffs ($156M).

During 2018, Latvia had a large net trade with Poland in the exports of Metals ($156M), Machines ($99.5M), and Wood Products ($63.1M).

Trade Forecasts

#permalink to section

This section shows a forecast for total trade between Poland and Latvia. The forecast is based on a long short-term memory model or LSTM constructed using yearly trade data.

To create custom forecast, or modify the parameters of the forecasting model, visit our Forecast Section.

Explore Forecasts

Bilateral Service Trade

#permalink to section

In 2016, Poland exported services to Latvia worth $204M, with Travel ($121M), Transportation ($34.9M), and Insurance services ($17.8M) being the largest in terms of value.

In 2016, Latvia exported services to Poland worth $86.3M, with Other business services ($39.8M), Transportation ($19.9M), and Travel ($13.3M) being the largest in terms of value.

Service trade data is presented based on availability.

Economic Complexity

#permalink to section

Competitive Landscape

#permalink to section

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