Portugal (PRT) and Latvia (LVA) Trade | The Observatory of Economic Complexity

About

Portugal-Latvia In 2022, Portugal exported $68.9M to Latvia. The main products that Portugal exported to Latvia are Cars ($18.8M), Uncoated Paper ($7.35M), and Wine ($6.24M). During the last 27 years the exports of Portugal to Latvia have increased at an annualized rate of 17.7%, from $838k in 1995 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 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). During the last 27 years the exports of Latvia to Portugal have increased at an annualized rate of 9.97%, from $3.55M in 1995 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 40 in the Economic Complexity Index (ECI 0.58), 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

January, 2024

About

Overview In January 2024, Portugal exported €3.13M and imported €2.78M from Latvia, resulting in a positive trade balance of €354k. Between January 2023 and January 2024 the exports of Portugal have increased by €283k (9.93%) from €2.85M to €3.13M, while imports increased by €1.64M (144%) from €1.14M to €2.78M.

Trade In January 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 January 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 January 2024, the increase in Portugal's year-by-year exports to Latvia was explained primarily by an increase in product exports in Miscellaneous edible preparations (€184k or 7.67k%), Beverages, spirits, & vinegar (€145k or 85.4%), and Used clothes & textile articles (€65.9k or 1k%). In January 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

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (January 2023 - January 2024)€283k(9.93%)

IMPORT GROWTH (January 2023 - January 2024)€1.64M(144%)

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.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

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 27 years the exports of Portugal to Latvia have increased at an annualized rate of 17.7%, from $838k in 1995 to $68.9M in 2022.

In 2022, 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 27 years the exports of Latvia to Portugal have increased at an annualized rate of 9.97%, from $3.55M in 1995 to $46.2M in 2022.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

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 2021, countries that imported more from Portugal than Latvia were Spain ($20.5B), France ($9.49B), and Germany ($8.76B).

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

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

Comparative Advantage Portugal - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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 2022, Latvia had a large net trade with Portugal in the exports of Vegetable Products ($12.2M), Foodstuffs ($6.34M), and Machines ($5.29M).

Service Trade

Bilateral Service Trade

Lva Year

Prt Year

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 () to Latvia () (2020)

Services Exports from Latvia () to Portugal () (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 Portugal has comparative advantage over Latvia. Similarly, the more yellow a dot/product is, the more Latvia has comparative advantage over Portugal.

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Latest Trends

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Latest Trade

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Historical Data

Bilateral Trade by Products

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

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

Market Competitiveness

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

Comparative Advantage Portugal - Latvia

Service Trade

Bilateral Service Trade

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

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

Economic Complexity

Competitive Landscape

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

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