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2021
Economic Complexity
Technology -0.15Rank 53 of 96
2021
Economic Complexity
Research -0.47Rank 91 of 140
2021
Product
Exports | Imports $20B | $24.4B75 of 226 |  77 of 226
2021
Per Capita Product
Exports | Imports $10.6k | $13k38 of 220 |  24 of 220

About

Overview In 2021 Latvia was the number 75 economy in the world in terms of total exports and the number 77 in total imports.

Exports The top exports of Latvia are Sawn Wood ($1.42B), Wheat ($892M), Broadcasting Equipment ($704M), Packaged Medicaments ($615M), and Fuel Wood ($601M), exporting mostly to Lithuania ($3.35B), Estonia ($1.81B), United Kingdom ($1.5B), Germany ($1.44B), and Russia ($1.38B).

In 2021, Latvia was the world's biggest exporter of Wood Stakes ($35.6M)

Imports The top imports of Latvia are Refined Petroleum ($1.85B), Packaged Medicaments ($715M), Broadcasting Equipment ($691M), Electricity ($688M), and Cars ($647M), importing mostly from Lithuania ($3.65B), Russia ($3.52B), Germany ($2.25B), Poland ($2.07B), and Estonia ($1.95B).

Location Latvia borders Belarus, Estonia, Lithuania, and Russia by land and Sweden by sea.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Latvia.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Subscribe today to OEC pro and access the latest data

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2021)Sawn Wood$1.42B
Top Destination (2021)Lithuania$3.35B

In 2021, Latvia exported a total of $20B, making it the number 75 exporter in the world. During the last five reported years the exports of Latvia have changed by $7.83B from $12.2B in 2016 to $20B in 2021.

The most recent exports are led by Sawn Wood ($1.42B), Wheat ($892M), Broadcasting Equipment ($704M), Packaged Medicaments ($615M), and Fuel Wood ($601M). The most common destination for the exports of Latvia are Lithuania ($3.35B), Estonia ($1.81B), United Kingdom ($1.5B), Germany ($1.44B), and Russia ($1.38B).

Explore Visualizations

Exports (2021)
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Destinations (2021)
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Market Growth

Flow
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Fastest Growing Export Markets (2020 - 2021)
Lithuania$881M (+ 35.6%)
United Kingdom$612M (+ 68.7%)
Germany$338M (+ 30.7%)
Fastest Growing Import Markets (2020 - 2021)
Lithuania$697M (+ 23.6%)
Russia$695M (+ 24.6%)
Estonia$580M (+ 42.3%)

Total Export Growth by Market (2020 - 2021)

Service Trade

Service Trade

Latvia Exports Services (2020)$4.46B
Latvia Imports Services (2020)$2.83B

In 2020, Latvia exported $4.46B worth of services. The top services exported by Latvia in 2020 were Miscellaneous business, professional, and technical services ($1.2B), Other transport ($1.15B), Construction abroad ($348M), Personal travel ($342M), and Telecommunications services ($311M).

The top services imported by Latvia in 2020 were Miscellaneous business, professional, and technical services ($1.06B), Other transport ($412M), Personal travel ($246M), Air transport ($230M), and Sea transport ($152M).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Technology)-0.15Rank 53 of 96
Economic Complexity (Research)-0.47Rank 91 of 140

Most Specialized Products by RCA Index

Latvia has a high level of specialization in Peat (153), Densified Wood (59), Fuel Wood (57.7), Rye (53.6), and Wood Crates (33.3). Specialization is measured using RCA, an index that takes the ratio between Latvia observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Latvia according to the product complexity index (PCI) are Reagents; diagnostic or laboratory reagents on a backing and prepared diagnostic or... (1.49), Chain and parts thereof, of iron or steel (1.42), Stainless steel wire (1.37), Musical instrument parts (for example, mechanisms for musical boxes) and accessories (for... (1.25), and Machinery, plant (not domestic), or laboratory equipment; electrically heated or not, (excluding... (1.14). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Latvia according to the relatedness index, were Other Vegetables (0.35), Raw Sugar (0.34), Gravel and Crushed Stone (0.34), Honey (0.34), and Insulated Wire (0.34). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Latvia is not specialized in.

Product Space

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.

Relatedness Space

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.

Diversification Frontier

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Depth

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.

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