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2023
Flag → Flag
Exports $746MRnk 41 / 216
2023
Flag → Flag
Top Product $62MTractors
2023
Flag → Flag
Exports $1.06BRnk 5 / 198
2023
Flag → Flag
Top Product $153MRough Wood
2023
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Economic Complexity (ECI) ECI 1.53Rnk 9 / 132
2023
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GDP$585BCURRENT US$
Rnk 24 / 195
2013-2023
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GDP GROWTH0.14%CURRENT US$
Rnk 170 / 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 $55,517CURRENT US$
Rnk 19 / 195
2013-2023
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GDP PC GROWTH-8.76%CURRENT US$
Rnk 165 / 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

Sweden-Latvia Trade: In 2023, Sweden exported $746M to Latvia. The main products that Sweden exported to Latvia were Tractors ($62M), Non-fillet Frozen Fish ($27.8M), and Cars ($26.7M). Over the past 5 years the exports of Sweden to Latvia have increased at an annualized rate of 5.6%, from $568M in 2018 to $746M in 2023.

In 2020, Sweden exported services to Latvia worth $128M, with Other business services ($40.2M), Transportation ($17M), and Computer and information services ($16.6M) being the largest in terms of value.

Latvia-Sweden Trade: In 2023, Latvia exported $1.06B to Sweden. The main products that Latvia exported to Sweden were Rough Wood ($153M), Fuel Wood ($92.9M), and Industrial Fatty Acids, Oils and Alcohols ($57.4M). Over the past 5 years the exports of Latvia to Sweden have increased at an annualized rate of 2.63%,  from $928M in 2018 to $1.06B in 2023.

In 2020, Latvia exported services to Sweden worth $636M, with Construction services ($177M), Communications services ($168M), and Transportation ($136M) being the largest in terms of value.

Comparison In 2023,  Sweden ranked 9 in the Economic Complexity Index (ECI 1.53),  and 32 in total exports ($188B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

October, 2024

About

Overview In October 2024, Sweden exported SEK573M and imported SEK801M from Latvia, resulting in a negative trade balance of SEK227M. Between October 2023 and October 2024 the exports of Sweden have increased by SEK75.9M (15.2%) from SEK497M to SEK573M, while imports decreased by SEK-21.2M (-2.58%) from SEK822M to SEK801M.

Trade In October 2024, the top exports of Sweden to Latvia were Refined Petroleum (SEK165M), Flat Flat-Rolled Steel (SEK29.4M), Non-fillet Frozen Fish (SEK27.8M), Non-fillet Fresh Fish (SEK17.3M), and Sawn Wood (SEK16.3M). In October 2024 the top imports of Sweden from Latvia were Rough Wood (SEK193M), Fuel Wood (SEK162M), Refined Petroleum (SEK55.2M), Iron Structures (SEK48.2M), and Cement Articles (SEK46.2M).

Growth In October 2024, the increase in Sweden's year-by-year exports to Latvia was explained primarily by an increase in product exports in Refined Petroleum (SEK163M or 7.75k%), Flat Flat-Rolled Steel (SEK21.6M or 278%), and Non-fillet Frozen Fish (SEK10.4M or 59.3%). In October 2024, the decrease in Sweden's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Nitrogenous Fertilizers (SEK-13.9M or -74.4%), Other Furniture (SEK-6.42M or -37.9%), and Cement Articles (SEK-4.3M or -8.5%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)SEK75.9M(15.2%)
IMPORT GROWTH (October 2023 - October 2024)SEK-21.2M(-2.58%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Sweden Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Sweden exported $746M to Latvia. The main products exported from Sweden to Latvia were Tractors ($62M), Non-fillet Frozen Fish ($27.8M), and Cars ($26.7M). During the last 5 years the exports of Sweden to Latvia have increased at an annualized rate of 5.6%, from $568M in 2018 to $746M in 2023.

In 2018, Latvia exported $1.06B to Sweden. The main products exported from Latvia to Sweden were Rough Wood ($153M), Fuel Wood ($92.9M), and Industrial Fatty Acids, Oils and Alcohols ($57.4M). During the last 5 years the exports of Latvia to Sweden have increased at an annualized rate of 2.63%, from $928M in 2023 to $1.06B in 2018.

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

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

Market Competitiveness

Color
Sweden
Top DestinationGermany$18.4B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Sweden than Latvia included United States ($18.1B), Germany ($18.4B), and Denmark ($14.4B).

In 2023, countries that imported more from Latvia than Sweden included Lithuania ($3.77B), Nigeria ($717M), and Russia ($1.22B).

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

Comparative Advantage Sweden - Latvia

Flow
Scale

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

During 2023, Sweden had a large net trade with Latvia in the exports of Machines ($169M), Transportation ($127M), and Metals ($64.6M).

During 2018, Latvia had a large net trade with Sweden in the exports of Wood Products ($336M), Metals ($124M), and Machines ($120M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Sweden Latvia+$10.8MCars
Top Product Potential Latvia Sweden+$9.95MMotor vehicles; parts and accessories (8701 to 8705)

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, Sweden exported services to Latvia worth $128M, with Other business services ($40.2M), Transportation ($17M), and Computer and information services ($16.6M) being the largest in terms of value.

In 2020, Latvia exported services to Sweden worth $636M, with Construction services ($177M), Communications services ($168M), and Transportation ($136M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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