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.
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 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.
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.
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.