Armenia (ARM) and Latvia (LVA) Trade | The Observatory of Economic Complexity

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Armenia-Latvia Trade: In 2023, Armenia exported $5.83M to Latvia. The main products that Armenia exported to Latvia were Hard Liquor ($2.47M), Rolled Tobacco ($627k), and Chocolate ($544k). Over the past 5 years the exports of Armenia to Latvia have increased at an annualized rate of 11.3%, from $3.42M in 2018 to $5.83M in 2023.

In 2023, Armenia did not export any services to Latvia.

Latvia-Armenia Trade: In 2023, Latvia exported $13.3M to Armenia. The main products that Latvia exported to Armenia were Packaged Medicaments ($2.06M), Broadcasting Equipment ($1.72M), and Hard Liquor ($1.29M). Over the past 5 years the exports of Latvia to Armenia have increased at an annualized rate of 13.3%, from $7.12M in 2018 to $13.3M in 2023.

In 2023, Latvia did not export any services to Armenia.

Comparison In 2023, Armenia ranked 57 in the Economic Complexity Index (ECI 0.094), and 107 in total exports ($9.02B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Armenia exported $5.83M to Latvia. The main products exported from Armenia to Latvia were Hard Liquor ($2.47M), Rolled Tobacco ($627k), and Chocolate ($544k). During the last 5 years the exports of Armenia to Latvia have increased at an annualized rate of 11.3%, from $3.42M in 2018 to $5.83M in 2023.

In 2018, Latvia exported $13.3M to Armenia. The main products exported from Latvia to Armenia were Packaged Medicaments ($2.06M), Broadcasting Equipment ($1.72M), and Hard Liquor ($1.29M). During the last 5 years the exports of Latvia to Armenia have increased at an annualized rate of 13.3%, from $7.12M in 2023 to $13.3M in 2018.

Exports from Armenia () to Latvia () (2023)

Exports from Latvia () to Armenia () (2023)

Latest Data

Trade between Armenia () and Latvia ()

Armenia Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Armenia
Top DestinationRussia$3.38B

Latvia
Top DestinationLithuania$3.77B

This map shows whether countries import more from Armenia or Latvia. Each country is colored based on the difference in imports they receive from Armenia and Latvia or the difference in the growth in imports.

In 2023, countries that imported more from Armenia than Latvia included Russia ($3.38B), United Arab Emirates ($2.25B), and Hong Kong ($669M).

In 2023, countries that imported more from Latvia than Armenia included Lithuania ($3.77B), Estonia ($1.26B), and Sweden ($1.06B).

Difference in imports from Latvia () and Armenia () (2023)

Comparative Advantage Armenia - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Armenia and Latvia by product, considering products traded by both, Armenia and Latvia.

During 2023, Armenia had a large net trade with Latvia in the exports of Foodstuffs ($4.41M), Instruments ($529k), and Machines ($344k).

During 2018, Latvia had a large net trade with Armenia in the exports of Machines ($4.33M), Chemical Products ($2.75M), and Foodstuffs ($2.5M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Armenia Latvia+$733kHard Liquor

Top Product Potential Latvia Armenia+$1.22MTelephones

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Armenia and Latvia. This means that a dot/product with the flag of Armenia indicates it has a comparative advantage over Latvia. Similarly, a dot/product with the flag of Latvia indicates it has a comparative advantage over Armenia.

About

Historical Data

Bilateral Trade by Products

Exports from Armenia () to Latvia () (2023)

Exports from Latvia () to Armenia () (2023)

Latest Data

Trade between Armenia () and Latvia ()

Armenia Exports

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Armenia () (2023)

Comparative Advantage Armenia - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Armenia () and Latvia () (2023)

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