Overview In 2020 Latvia was the number 74 economy in the world in terms of total exports and the number 75 in total imports.

Exports The top exports of Latvia are Broadcasting Equipment ($794M), Sawn Wood ($787M), Wheat ($695M), Fuel Wood ($557M), and Packaged Medicaments ($488M), exporting mostly to Lithuania ($2.47B), Estonia ($1.59B), Russia ($1.26B), Germany ($1.1B), and United Kingdom ($892M).

Imports The top imports of Latvia are Refined Petroleum ($1.78B), Broadcasting Equipment ($747M), Packaged Medicaments ($640M), Hard Liquor ($487M), and Cars ($455M), importing mostly from Lithuania ($2.95B), Russia ($2.82B), Germany ($1.68B), Poland ($1.65B), and Estonia ($1.37B).

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

Flow
View
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.

Flow
Value
Depth

Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

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

Historical Data

#permalink to section
Flow
Value
Depth

Top Export (2020): Broadcasting Equipment, $794M

Top Destination (2020): Lithuania, $2.95B

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.

The most recent exports are led by Broadcasting Equipment ($794M), Sawn Wood ($787M), Wheat ($695M), Fuel Wood ($557M), and Packaged Medicaments ($488M). The most common destination for the exports of Latvia are Lithuania ($2.47B), Estonia ($1.59B), Russia ($1.26B), Germany ($1.1B), and United Kingdom ($892M).

Explore Visualizations

Flow
View

Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

#permalink to section

Most Specialized Products by RCA Index

#permalink to section

Latvia has a high level of specialization in Peat (151), Fuel Wood (58.4), Book-binding Machines (28.3), Wood Crates (28), and Particle Board (24.2). Specialization is measured using RCA, an index that takes the ratio between Latvia observed and expected exports in each product.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Latvia according to the relatedness index, are Insulated Wire (0.33), Other Vegetables (0.32), Alcohol > 80% ABV (0.32), Toilet Paper (0.32), and Glass Scraps (0.31). 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 a country currently specializes in.

Relatedness Space

#permalink to section

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

#permalink to section
Filter
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.