Overview In 2019 Latvia was the number 97 economy in the world in terms of GDP (current US$), the number 79 in total exports, the number 77 in total imports, the number 50 economy in terms of GDP per capita (current US$) and the number 35 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Latvia are Sawn Wood ($768M), Broadcasting Equipment ($703M), Hard Liquor ($557M), Wheat ($539M), and Packaged Medicaments ($526M), exporting mostly to Lithuania ($2.41B), Estonia ($1.46B), Russia ($1.29B), Germany ($1.07B), and Sweden ($970M).

Imports The top imports of Latvia are Refined Petroleum ($3.07B), Broadcasting Equipment ($696M), Cars ($646M), Packaged Medicaments ($599M), and Planes, Helicopters, and/or Spacecraft ($534M), importing mostly from Russia ($4.43B), Lithuania ($2.95B), Germany ($1.83B), Poland ($1.59B), and Estonia ($1.42B).

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

Historical Data

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Yearly Exports

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Top Export (2019): Sawn Wood, $768M

Top Destination (2019): Lithuania, $2.41B

In 2019, Latvia exported a total of $15.1B, making it the number 79 exporter in the world. During the last five reported years the exports of Latvia have changed by $609M from $14.5B in 2014 to $15.1B in 2019.

The most recent exports are led by Sawn Wood ($768M), Broadcasting Equipment ($703M), Hard Liquor ($557M), Wheat ($539M), and Packaged Medicaments ($526M). The most common destination for the exports of Latvia are Lithuania ($2.41B), Estonia ($1.46B), Russia ($1.29B), Germany ($1.07B), and Sweden ($970M).

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Yearly Imports

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Top Import (2019): Refined Petroleum, $3.07B

Top Origin (2019): Russia, $4.43B

In 2019 Latvia imported $21.3B, making it the number 77 trade destination in the world. During the last five reported years the imports of Latvia changed by -$6.34B from $27.6B in 2014 to $21.3B in 2019.

The most recent imports of Latvia are led by Refined Petroleum ($3.07B), Broadcasting Equipment ($696M), Cars ($646M), Packaged Medicaments ($599M), and Planes, Helicopters, and/or Spacecraft ($534M). The most common import partners for Latvia are Russia ($4.43B), Lithuania ($2.95B), Germany ($1.83B), Poland ($1.59B), and Estonia ($1.42B).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Latvia Exports Services (2018): $6.79B

Latvia Imports Services (2018): $3.93B

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).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Latvia are Sugar beet (178%) and Whey (173%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Latvia are:
109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)
119: Customs Union between EU and Turkey
121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group
122: EU preferential tariff for sugar producing countries
123: European Union Generalized System of Preference
124: European Union GSP for Least Developed Countries
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
161: Preferential tariff for Algeria
162: Preferential tariff for Andorra
172: Preferential tariff for Bosnia and Herzegovina
177: Preferential tariff for Cameroon
181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA
182: Preferential tariff for Chile
189: Preferential tariff for Colombia
205: Preferential tariff for Ecuador
206: Preferential tariff for Egypt
209: Preferential tariff for EPA countries
218: Preferential tariff for European Union countries
222: Preferential tariff for Faroe Islands
223: Preferential tariff for Fiji
224: Preferential tariff for for occupied Palestinian territory
226: Preferential tariff for Georgia
227: Preferential tariff for Ghana
238: Preferential tariff for Iceland
239: Preferential tariff for India
244: Preferential tariff for Israel
247: Preferential tariff for Jordan
249: Preferential tariff for Korea, Republic of
255: Preferential tariff for Lebanon
258: Preferential tariff for Liechtenstein
262: Preferential tariff for Macedonia
270: Preferential tariff for Mexico
272: Preferential tariff for Montenegro
273: Preferential tariff for Morocco
281: Preferential tariff for Norway
283: Preferential tariff for Overseas Countries and Territories
284: Preferential tariff for Pakistan
287: Preferential tariff for Papua New Guinea
289: Preferential tariff for Peru
293: Preferential tariff for San Marino
295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)
299: Preferential tariff for Singapore
302: Preferential tariff for South Africa
306: Preferential tariff for Switzerland
308: Preferential tariff for Syria
318: Preferential tariff for the republic of Moldova
321: Preferential tariff for Tunisia
325: Preferential tariff for Ukraine
341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance

Economic Complexity

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Most Specialized Products by RCA Index

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Latvia has a high level of specialization in Peat (177), Fuel Wood (56.7), Wood Crates (31.7), Book-binding Machines (31.2), and Particle Board (28.5). 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

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The highest complexity exports of Latvia according to the product complexity index (PCI) are Lathes for removing metal (1.64), Auxiliary machinery and parts for textile machinery (1.45), Chain and parts thereof, of iron or steel (1.44), Machinery, non-domestic, involving heating or cooling (1.29), and Parts and accessories for musical instruments (1.28). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Latvia according to the relatedness index, are Other Vegetables (0.34), Soups and Broths (0.33), Margarine (0.33), Insulated Wire (0.33), and Waterproof Footwear (0.33). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Latvia is not specialized in.

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 it is currently specialized in.

Relatedness Space

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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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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.

Economic Complexity Ranking

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During the last 20 years Latvia's⁩ ⁨economy has become relatively más complex, moving from the ⁩⁨41st to the 35th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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