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2023
Flag → Flag
Exports $78.7MRnk 59 / 211
2023
Flag → Flag
Top Product $25MAmine Compounds
2023
Flag → Flag
Exports $80.5MRnk 31 / 198
2023
Flag → Flag
Top Product $22.3MWheat
2023
Flag
Economic Complexity (ECI) ECI 0.57Rnk 42 / 132
2023
Flag  
GDP$289BCURRENT US$
Rnk 48 / 195
2013-2023
Flag
GDP GROWTH27.5%CURRENT US$
Rnk 119 / 195
2023
Flag
 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
Flag
GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
Flag
GDP PC $27,331CURRENT US$
Rnk 50 / 195
2013-2023
Flag
GDP PC GROWTH26.1%CURRENT US$
Rnk 84 / 195
2023
Flag
GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
Flag
GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

Portugal-Latvia Trade: In 2023, Portugal exported $78.7M to Latvia. The main products that Portugal exported to Latvia were Amine Compounds ($25M), Cars ($7.8M), and Wine ($5.84M). Over the past 5 years the exports of Portugal to Latvia have increased at an annualized rate of 13.9%, from $41.1M in 2018 to $78.7M in 2023.

In 2020, Portugal exported services to Latvia worth $3.43M, with Travel ($3.43M) being the largest in terms of value.

Latvia-Portugal Trade: In 2023, Latvia exported $80.5M to Portugal. The main products that Latvia exported to Portugal were Wheat ($22.3M), Corn ($19.2M), and Special purpose motor vehicles ($3.78M). Over the past 5 years the exports of Latvia to Portugal have increased at an annualized rate of 33.4%,  from $19M in 2018 to $80.5M in 2023.

In 2020, Latvia exported services to Portugal worth $2.28M, with Travel ($1.14M) and Computer and information services ($1.14M) being the largest in terms of value.

Comparison In 2023,  Portugal ranked 42 in the Economic Complexity Index (ECI 0.57),  and 46 in total exports ($83B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

November, 2024

About

Overview In November 2024, Portugal exported €4.24M and imported €3.57M from Latvia, resulting in a positive trade balance of €675k. Between November 2023 and November 2024 the exports of Portugal have decreased by €-1.04M (-19.6%) from €5.28M to €4.24M, while imports increased by €923k (34.9%) from €2.64M to €3.57M.

Trade In November 2024, the top exports of Portugal to Latvia were Electrical machinery and electronics (€477k), Paper articles (€441k), Beverages, spirits, & vinegar (€315k), Edible vegetables, roots, & tubers (€198k), and Miscellaneous edible preparations (€187k). In November 2024 the top imports of Portugal from Latvia were Glass & glassware (€241k), Plastics & articles thereof (€207k), Electrical machinery and electronics (€127k), Perfumery & cosmetics (€106k), and Man-made filaments (€85.7k).

Growth In November 2024, the decrease in Portugal's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Cars, tractors, trucks & parts thereof. (€-819k or -88.6%), Machinery, mechanical appliances, & parts (€-766k or -80.9%), and Plastics & articles thereof (€-701k or -90.2%). In November 2024, the increase in Portugal's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Glass & glassware (€150k or 165%), Perfumery & cosmetics (€54.4k or 105%), and Plastics & articles thereof (€43.7k or 26.7%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (November 2023 - November 2024)€-1.04M(-19.6%)
IMPORT GROWTH (November 2023 - November 2024)€923k(34.9%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Portugal Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Portugal exported $78.7M to Latvia. The main products exported from Portugal to Latvia were Amine Compounds ($25M), Cars ($7.8M), and Wine ($5.84M). During the last 5 years the exports of Portugal to Latvia have increased at an annualized rate of 13.9%, from $41.1M in 2018 to $78.7M in 2023.

In 2018, Latvia exported $80.5M to Portugal. The main products exported from Latvia to Portugal were Wheat ($22.3M), Corn ($19.2M), and Special purpose motor vehicles ($3.78M). During the last 5 years the exports of Latvia to Portugal have increased at an annualized rate of 33.4%, from $19M in 2023 to $80.5M in 2018.

Exports from Portugal (Flag) to Latvia (Flag) (2023)

Exports from Latvia (Flag) to Portugal (Flag) (2023)

Market Competitiveness

Color
Portugal
Top DestinationSpain$17.7B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Portugal than Latvia included Spain ($17.7B), France ($9.19B), and Germany ($8.12B).

In 2023, countries that imported more from Latvia than Portugal included Lithuania ($3.77B), Estonia ($1.26B), and Russia ($1.22B).

Difference in imports from Latvia (Flag) and Portugal (Flag) (2023)

Comparative Advantage Portugal - Latvia

Flow
Scale

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

During 2023, Portugal had a large net trade with Latvia in the exports of Chemical Products ($26M), Machines ($11.4M), and Transportation ($9.52M).

During 2018, Latvia had a large net trade with Portugal in the exports of Vegetable Products ($47.8M), Machines ($6.2M), and Foodstuffs ($6.04M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Portugal Latvia+$3.77MCars
Top Product Potential Latvia Portugal+$3.15MWheat

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 2020, Portugal exported services to Latvia worth $3.43M, with Travel ($3.43M) being the largest in terms of value.

In 2020, Latvia exported services to Portugal worth $2.28M, with Travel ($1.14M) and Computer and information services ($1.14M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Portugal (Flag) and Latvia (Flag) (2023)

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