Latvia2021 Economic Complexity Technology : -0.15, Rank 53 of 96
2021 Economic Complexity Research : -0.47, Rank 91 of 140
2021 Product Exports | Imports: $20B | $24.4B, 75 of 226 | 77 of 226
2021 Per Capita Product Exports | Imports: $10.6k | $13k, 34 of 219 | 23 of 219
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.
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.
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.
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).
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).
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.
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 laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006; certified reference material (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 example, cards, discs and rolls for mechanical instruments); metronomes, tuning forks and pitch pipes (1.25), and Machinery, plant (not domestic), or laboratory equipment; electrically heated or not, (excluding items in 85.14) for the treatment of materials by a process involving change of temperature; including instantaneous or non electric storage water heaters (1.14). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
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.
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.
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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