2023
Exports
$8.02MWorld Rnk 41 / 177
Flag Rnk 306 / 1196
2023
PRODUCT COMPLEXITY IN Woodworking machines
1.29Rnk 81 / 1025
2023
Imports
$34.1MWorld Rnk 50 / 217
Flag Rnk 160 / 1206

About

Exports In 2023, Latvia exported $8.02M in Woodworking machines, making it the 41st largest exporter of Woodworking machines in the world. At the same year, Woodworking machines was the 306th most exported product in Latvia. The main destination of Woodworking machines exports from Latvia are: Russia ($2.33M), Germany ($1.25M), Lithuania ($1.14M), Finland ($684k), and Poland ($499k).

The fastest growing export markets for Woodworking machines of Latvia between 2022 and 2023 were Russia ($1.08M), Finland ($556k), and Italy ($347k).

Imports In 2023, Latvia imported $34.1M in Woodworking machines, becoming the 50th largest importer of Woodworking machines in the world. At the same year, Woodworking machines was the 160th most imported product in Latvia. Latvia imports Woodworking machines primarily from: Finland ($6.79M), Germany ($6.66M), Slovenia ($4.64M), Italy ($2.7M), and Denmark ($2.29M).

The fastest growing import markets in Woodworking machines for Latvia between 2022 and 2023 were Finland ($4.82M), Slovenia ($3.22M), and Chinese Taipei ($807k).

Latest Trends

Jan 2025

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 Woodworking machines. 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 (2023)$8.02M
IMPORTS (2023)$34.1M
NET TRADE (2023)-$26.1M

In 2023, Latvia exported $8.02M in Woodworking machines. The main destinations of Latvia exports on Woodworking machines were Russia ($2.33M), Germany ($1.25M), Lithuania ($1.14M), Finland ($684k), and Poland ($499k).

In 2023, Latvia imported $34.1M in Woodworking machines, mainly from Finland ($6.79M), Germany ($6.66M), Slovenia ($4.64M), Italy ($2.7M), and Denmark ($2.29M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Woodworking machines EXPORT MARKETS FOR Latvia WERE (2022 - 2023):
Russia$1.08M (87.3%)
Finland$556k (436%)
Italy$347k (5.48k%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Woodworking machines BY Latvia WERE (2022 - 2023):
Lithuania-$586k (-33.9%)
Germany-$444k (-26.2%)
Estonia-$403k (-67.2%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Latvia's main exporting competitors in Woodworking machines were:
China $2.22B
Germany $1.75B
Italy $1.23B
In 2023, Latvia's main importing competitors in Woodworking machines were:

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Trade Value of Woodworking machines by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALRussia+ $716k
TOP IMPORT POTENTIALChina+ $1.49M

Woodworking machines’s highest export potential is Russia. With an export gap of $716k.   Woodworking machines’s highest import potential is China with an import gap of $1.49M.

See methodology.

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