Latvia
2020 Product Exports | Imports: $16.1B | $19.3B, 74 of 226 | 75 of 226
2020 Per Capita Product Exports | Imports: $8.46k | $10.2k, 23 of 219 | 25 of 219
2020 Service Exports | Imports : $4.46B | $2.83B, 37 of 65 | 44 of 65
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.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe 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.
Latest Data
#permalink to sectionThe 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.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop 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).
Market Growth
#permalink to sectionFastest Growing Export Markets (2019 - 2020)
- Poland, $131M (+ 24.5%)
- Netherlands, $114M (+ 25.2%)
- United Kingdom, $87.8M (+ 10.9%)
Fastest Growing Import Markets (2019 - 2020)
- Argentina, $67.4M (+ 1.09k%)
- Poland, $45.2M (+ 2.82%)
- Netherlands, $34.5M (+ 5.05%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionLatvia 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).
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionLatvia 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.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Latvia according to the product complexity index (PCI) are Cermets (2.08), Papermaking Machines (1.51), Iron Chains (1.5), Photographic Plates (1.48), and Textile Fiber Machinery (1.45). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe 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.
Product Space
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
