Flag Russia / Latvia Flag

Exports Flag β†’ Flag  (2018): $4.18B, Rnk 25 / 187

Top Product Flag β†’ Flag (2018): $1.75B, Refined Petroleum

Exports Flag β†’ Flag (2018): $1.32B, Rnk 3 / 191

Top Product Flag β†’ Flag (2018): $357M, Hard Liquor

Economic Complexity of Flag (2018): ECI 0.6, Rnk 41 / 137

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

Russia-Latvia: In 2018, Russia exported $4.18B to Latvia. The main products exported from Russia to Latvia were Refined Petroleum ($1.75B), Petroleum Gas ($419M), and Coal Tar Oil ($275M). During the last 23 years the exports of Russia to Latvia have increased at an annualized rate of 11.1%, from $368M in 1995 to $4.18B in 2018. In 2018, Russia exported services to Latvia worth $390M, with Travel ($142M), Transportation ($133M), and Other business services ($47.6M) being the largest in terms of value.

Latvia-Russia: In 2018, Latvia exported $1.32B to Russia. The main products exported from Latvia to Russia were Hard Liquor ($357M), Packaged Medicaments ($117M), and Wine ($86.1M). During the last 23 years the exports of Latvia to Russia have increased at an annualized rate of 6.34%, from $320M in 1995 to $1.32B in 2018. In 2017, Latvia exported services to Russia worth $464M, with Transportation ($271M), Travel ($108M), and Computer and information services ($41.9M) being the largest in terms of value.

Comparison: In 2018, Russia ranked 41 in the Economic Complexity Index (ECI 0.6), and 13 in total exports ($427B). That same year, Latvia ranked 36 in the Economic Complexity Index (ECI 0.84), and 78 in total exports ($15.8B). N/A

Bilateral Trade by Products

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Depth
Value

In 2018, Russia exported $4.18B to Latvia. The main products exported from Russia to Latvia were Refined Petroleum ($1.75B), Petroleum Gas ($419M), and Coal Tar Oil ($275M). During the last 23 years the exports of Russia to Latvia have increased at an annualized rate of 11.1%, from $368M in 1995 to $4.18B in 2018.

In 2018, Latvia exported $1.32B to Russia. The main products exported from Latvia to Russia were Hard Liquor ($357M), Packaged Medicaments ($117M), and Wine ($86.1M). During the last 23 years the exports of Latvia to Russia have increased at an annualized rate of 6.34%, from $320M in 1995 to $1.32B in 2018.

Market Competitiveness

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Measure

Russia
Top Destination
: China, $55.2B

Latvia
Top Destination
: Lithuania, $2.25B

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 2018, countries that imported more from Russia than Latvia were China ($55.2B), Netherlands ($41B), and Germany ($23.3B).

In 2018, countries that imported more from Latvia than Russia were Iceland ($47.4M), Chad ($4.64M), and Sierra Leone ($3.17M).

Comparative Advantage Russia - Latvia

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Depth

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

During 2018, Russia had a large net trade with Latvia in the exports of Mineral Products ($2.76B), Metals ($386M), and Vegetable Products ($294M).

During 2018, Latvia had a large net trade with Russia in the exports of Foodstuffs ($476M), Machines ($321M), and Chemical Products ($152M).

Tariff Section

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This sections shows import tariffs for products traded between Russia and Latvia (using the HS6 product classification and the last year reported).

In 2018, the products from Russia that paid the highest import tariffs to enter Latvia were Undenatured ethyl alcohol > 80% by volume (100%) and Ethyl alcohol and other spirits, denatured (100%).

In 2017, the products from Latvia that paid the highest import tariffs to enter Russia were Sugar beet (178%) and Whey (173%).

Explore Tariff Data

*The tariffs present between Russia and Latvia are:
136: Most Favoured Nation duty rate treatement

Trade Forecasts

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This section shows a forecast for total trade between Russia 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

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In 2018, Russia exported services to Latvia worth $390M, with Travel ($142M), Transportation ($133M), and Other business services ($47.6M) being the largest in terms of value.

In 2017, Latvia exported services to Russia worth $464M, with Transportation ($271M), Travel ($108M), and Computer and information services ($41.9M) being the largest in terms of value.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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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 Russia has comparative advantage over Latvia. Similarly, the more red a dot/product is, the more Latvia has comparative advantage over Russia.