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2022
Flag → Flag
Exports $68.9MRnk 66 / 208
2022
Flag → Flag
Top Product $18.8MCars
2022
Flag → Flag
Exports $46.2MRnk 48 / 194
2022
Flag → Flag
Top Product $6.23MWheat
2022
Flag
Economic Complexity (ECI) ECI 0.57Rnk 42 / 133
2022
Flag  
GDP$252BCURRENT US$
Rnk 49 / 186
2012-2022
Flag
GDP GROWTH16.5%CURRENT US$
Rnk 132 / 186
2022
Flag
 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
Flag
GDP PC $24,275CURRENT US$
Rnk 46 / 186
2012-2022
Flag
GDP PC GROWTH18%CURRENT US$
Rnk 94 / 186
2022
Flag
GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Portugal-Latvia Trade: In 2022, Portugal exported $68.9M to Latvia. The main products that Portugal exported to Latvia were Cars ($18.8M), Uncoated Paper ($7.35M), and Wine ($6.24M). Over the past 5 years the exports of Portugal to Latvia have increased at an annualized rate of 15.8%, from $33.1M in 2017 to $68.9M in 2022.

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 2022, Latvia exported $46.2M to Portugal. The main products that Latvia exported to Portugal were Wheat ($6.23M), Corn ($5.74M), and Starch Residue ($4.67M). Over the past 5 years the exports of Latvia to Portugal have increased at an annualized rate of 12.5%,  from $25.7M in 2017 to $46.2M in 2022.

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 2022,  Portugal ranked 42 in the Economic Complexity Index (ECI 0.57),  and 48 in total exports ($81.7B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

August, 2024

About

Overview In August 2024, Portugal exported €3.24M and imported €3.27M from Latvia, resulting in a negative trade balance of €35k. Between August 2023 and August 2024 the exports of Portugal have decreased by €-1.03M (-24.1%) from €4.27M to €3.24M, while imports increased by €2.5M (324%) from €773k to €3.27M.

Trade In August 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 August 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 August 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 August 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 (August 2023 - August 2024)€-1.03M(-24.1%)
IMPORT GROWTH (August 2023 - August 2024)€2.5M(324%)

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

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Portugal exported $68.9M to Latvia. The main products exported from Portugal to Latvia were Cars ($18.8M), Uncoated Paper ($7.35M), and Wine ($6.24M). During the last 5 years the exports of Portugal to Latvia have increased at an annualized rate of 15.8%, from $33.1M in 2017 to $68.9M in 2022.

In 2017, Latvia exported $46.2M to Portugal. The main products exported from Latvia to Portugal were Wheat ($6.23M), Corn ($5.74M), and Starch Residue ($4.67M). During the last 5 years the exports of Latvia to Portugal have increased at an annualized rate of 12.5%, from $25.7M in 2022 to $46.2M in 2017.

Exports from Portugal (Flag) to Latvia (Flag) (2022)

Exports from Latvia (Flag) to Portugal (Flag) (2022)

Market Competitiveness

Color
Portugal
Top DestinationSpain$20.5B
Latvia
Top DestinationLithuania$4.09B

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 2022, countries that imported more from Portugal than Latvia included Spain ($20.5B), France ($9.49B), and Germany ($8.76B).

In 2022, countries that imported more from Latvia than Portugal included Lithuania ($4.09B), Estonia ($2.26B), and Russia ($1.26B).

Difference in imports from Latvia (Flag) and Portugal (Flag) (2022)

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 2022, Portugal had a large net trade with Latvia in the exports of Transportation ($19.7M), Machines ($10.1M), and Foodstuffs ($8.84M).

During 2017, Latvia had a large net trade with Portugal in the exports of Vegetable Products ($12.2M), Foodstuffs ($6.34M), and Machines ($5.29M).

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) (2022)

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