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2023
Flag → Flag
Exports $656MRnk 44 / 137
2023
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Top Product $147MPetroleum Gas
2023
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Exports $1.22BRnk 3 / 198
2023
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Top Product $255MHard Liquor
2023
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Economic Complexity (ECI) ECI 0.3Rnk 50 / 132
2023
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GDP$2.02TCURRENT US$
Rnk 11 / 195
2013-2023
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GDP GROWTH-11.8%CURRENT US$
Rnk 183 / 195
2023
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 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
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GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
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GDP PC $13,817CURRENT US$
Rnk 74 / 195
2013-2023
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GDP PC GROWTH-13.3%CURRENT US$
Rnk 170 / 195
2023
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GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
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GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

Russia-Latvia Trade: In 2023, Russia exported $656M to Latvia. The main products that Russia exported to Latvia were Petroleum Gas ($147M), Other Vegetable Residues ($70.2M), and Electricity ($64M). Over the past 5 years the exports of Russia to Latvia have decreased at an annualized rate of 20%, from $2.01B in 2018 to $656M in 2023.

In 2020, Russia exported services to Latvia worth $311M, with Transportation ($167M), Computer and information services ($40.7M), and Other business services ($36.8M) being the largest in terms of value.

Latvia-Russia Trade: In 2023, Latvia exported $1.22B to Russia. The main products that Latvia exported to Russia were Hard Liquor ($255M), Wine ($155M), and Packaged Medicaments ($97M). Over the past 5 years the exports of Latvia to Russia have increased at an annualized rate of 3.73%,  from $1.02B in 2018 to $1.22B in 2023.

In 2020, Latvia exported services to Russia worth $267M, with Transportation ($144M), Travel ($38.8M), and Other business services ($30.8M) being the largest in terms of value.

Comparison In 2023,  Russia ranked 50 in the Economic Complexity Index (ECI 0.3),  and 18 in total exports ($394B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

January, 2022

About

Overview In January 2022, Russia exported $419M and imported $28.4M from Latvia, resulting in a positive trade balance of $391M. Between January 2021 and January 2022 the exports of Russia have increased by $100M (31.5%) from $319M to $419M, while imports increased by $2.51M (9.69%) from $25.9M to $28.4M.

Trade In January 2022, the top exports of Russia to Latvia were Refined Petroleum ($161M), Electricity ($23.9M), Wheat ($19.6M), Other Vegetable Residues ($12.7M), and Coated Flat-Rolled Iron ($8.14M). In January 2022 the top imports of Russia from Latvia were Packaged Medicaments ($3.41M), Precious Metal Scraps ($2.13M), Electric Motors ($1.98M), Electrical Control Boards ($1.34M), and Wallpaper ($967k).

Origins In January 2022 the exports of Russia were mainly from MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($79.4M), VOLOGDA REGION ($78.4M), ST. PETERSBURG ($61.9M), LENINGRAD REGION ($36.1M), and REPUBLIC OF TATARSTAN ($25.9M), while imports destinations were mainly MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($11.6M), PSKOV REGION ($3.26M), MOSCOW REGION ($3.11M), ST. PETERSBURG ($1.91M), and KALININGRAD REGION ($1.42M).

Growth In January 2022, the increase in Russia's year-by-year exports to Latvia was explained primarily by an increase in product exports in Wheat ($19.5M or 15.4k%), Malt ($4.66M or 37.6k%), and Other Small Iron Pipes ($4.62M or 1.86k%). In January 2022, the increase in Russia's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Packaged Medicaments ($2.34M or 218%), Recovered Paper ($760k or 1.02k%), and Electric Motors ($702k or 55%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (January 2021 - January 2022)$100M(31.5%)
IMPORT GROWTH (January 2021 - January 2022)$2.51M(9.69%)
MAIN EXPORTER (January 2022)MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION$79.4M

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Russia Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Russia exported $656M to Latvia. The main products exported from Russia to Latvia were Petroleum Gas ($147M), Other Vegetable Residues ($70.2M), and Electricity ($64M). During the last 5 years the exports of Russia to Latvia have decreased at an annualized rate of 20%, from $2.01B in 2018 to $656M in 2023.

In 2018, Latvia exported $1.22B to Russia. The main products exported from Latvia to Russia were Hard Liquor ($255M), Wine ($155M), and Packaged Medicaments ($97M). During the last 5 years the exports of Latvia to Russia have increased at an annualized rate of 3.73%, from $1.02B in 2023 to $1.22B in 2018.

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

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

Market Competitiveness

Color
Russia
Top DestinationChina$129B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Russia than Latvia included China ($129B), India ($66.1B), and Turkey ($31B).

In 2023, countries that imported more from Latvia than Russia included Lithuania ($3.77B), Estonia ($1.26B), and Sweden ($1.06B).

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

Comparative Advantage Russia - Latvia

Flow
Scale

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

During 2023, Russia had a large net trade with Latvia in the exports of Mineral Products ($279M), Vegetable Products ($145M), and Foodstuffs ($115M).

During 2018, Latvia had a large net trade with Russia in the exports of Foodstuffs ($529M), Chemical Products ($161M), and Textiles ($121M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Russia Latvia+$124MPetroleum Gas
Top Product Potential Latvia Russia+$47.8MPackaged Medicaments

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, Russia exported services to Latvia worth $311M, with Transportation ($167M), Computer and information services ($40.7M), and Other business services ($36.8M) being the largest in terms of value.

In 2020, Latvia exported services to Russia worth $267M, with Transportation ($144M), Travel ($38.8M), and Other business services ($30.8M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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