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2022
Exports $6.03MWorld Rnk 29 / 166
Flag Rnk 353 / 1190
2022
Destination $502k United States
2021 - 2022
FASTEST GROWING MARKET $502kUnited Kingdom
2022
PRODUCT COMPLEXITY IN Musical Instrument Parts1.19Rnk 106 / 1025
2022
Imports $2.05MWorld Rnk 55 / 204
Flag Rnk 682 / 1203
2022
Origin $63.2k Germany
2021 - 2022
FASTEST GROWING ORIGIN $63.2kUnited Kingdom

About

Exports In 2022, Latvia exported $6.03M in Musical Instrument Parts, making it the 29th largest exporter of Musical Instrument Parts in the world. At the same year, Musical Instrument Parts was the 353rd most exported product in Latvia. The main destination of Musical Instrument Parts exports from Latvia are: United States ($1.9M), Germany ($1.56M), Lithuania ($596k), United Kingdom ($545k), and Australia ($138k).

The fastest growing export markets for Musical Instrument Parts of Latvia between 2021 and 2022 were United Kingdom ($502k), United States ($296k), and Australia ($82.1k).

Imports In 2022, Latvia imported $2.05M in Musical Instrument Parts, becoming the 55th largest importer of Musical Instrument Parts in the world. At the same year, Musical Instrument Parts was the 682nd most imported product in Latvia. Latvia imports Musical Instrument Parts primarily from: Germany ($892k), United States ($348k), United Kingdom ($101k), China ($96.5k), and Lithuania ($73.7k).

The fastest growing import markets in Musical Instrument Parts for Latvia between 2021 and 2022 were United Kingdom ($63.2k), Lithuania ($35.8k), and Vietnam ($25.6k).

Latest Trends

Oct 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Musical Instrument Parts. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$6.03M
IMPORTS (2022)$2.05M
NET TRADE (2022)$3.98M

In 2022, Latvia exported $6.03M in Musical Instrument Parts. The main destinations of Latvia exports on Musical Instrument Parts were United States ($1.9M), Germany ($1.56M), Lithuania ($596k), United Kingdom ($545k), and Australia ($138k).

In 2022, Latvia imported $2.05M in Musical Instrument Parts, mainly from Germany ($892k), United States ($348k), United Kingdom ($101k), China ($96.5k), and Lithuania ($73.7k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Musical Instrument Parts EXPORT MARKETS FOR Latvia WERE (2021 - 2022):
United Kingdom$502k (1.18k%)
United States$296k (18.4%)
Australia$82.1k (147%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Musical Instrument Parts BY Latvia WERE (2021 - 2022):
Lithuania-$381k (-39%)
Netherlands-$93.6k (-77.1%)
Italy-$38.2k (-44.8%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Latvia's main exporting competitors in Musical Instrument Parts were:
China $367M
United States $290M
Germany $217M
In 2022, Latvia's main importing competitors in Musical Instrument Parts were:
United States $309M
Germany $168M
China $160M

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Trade Value of Musical Instrument Parts by Exporters

Potential Exports

Potential Exports

Flow
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TOP EXPORT POTENTIALUnited States+ $318k
TOP IMPORT POTENTIALChina+ $106k

Musical Instrument Parts’s highest export potential is United States. With an export gap of $318k.   Musical Instrument Parts’s highest import potential is China with an import gap of $106k.

See methodology.

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