In 2020, Latvia exported a total of $16.1B, making it the number 74 exporter in the world. During the last five reported years the exports of Latvia have changed by $3.95B from $12.1B in 2015 to $16.1B in 2020.
In 2018, Latvia exported $6.79B worth of services. The top services exported by Latvia in 2018 were Transportation ($3.48B), Other business services ($1.27B), Personal travel ($1.23B), Construction services ($433M), and Business travel ($242M).
The top services imported by Latvia in 2018 were Transportation ($1.51B), Other business services ($1.12B), Personal travel ($879M), Business travel ($204M), and Construction services ($96.8M).
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
This network shows the products most related to the production structure of Latvia. These are products that tend to be co-exported with the products that Latvia exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities.
Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.