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2022
Flag → Flag
Exports $220MRnk 56 / 217
2022
Flag → Flag
Top Product $33.5MPackaged Medicaments
2022
Flag → Flag
Exports $128MRnk 25 / 194
2022
Flag → Flag
Top Product $7.99MOther Electrical Machinery
2022
Flag
Economic Complexity (ECI) ECI 1.5Rnk 8 / 133
2022
Flag  
GDP$471BCURRENT US$
Rnk 32 / 186
2012-2022
Flag
GDP GROWTH15.1%CURRENT US$
Rnk 137 / 186
2022
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 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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GDP PC $52,131CURRENT US$
Rnk 17 / 186
2012-2022
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GDP PC GROWTH7.34%CURRENT US$
Rnk 124 / 186
2022
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GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Austria-Latvia Trade: In 2022, Austria exported $220M to Latvia. The main products that Austria exported to Latvia were Packaged Medicaments ($33.5M), Broadcasting Equipment ($9.44M), and Pesticides ($5.71M). Over the past 5 years the exports of Austria to Latvia have increased at an annualized rate of 7.55%, from $153M in 2017 to $220M in 2022.

In 2020, Austria exported services to Latvia worth $54.8M, with Insurance services ($18.3M), Travel ($10.3M), and Other business services ($9.14M) being the largest in terms of value.

Latvia-Austria Trade: In 2022, Latvia exported $128M to Austria. The main products that Latvia exported to Austria were Other Electrical Machinery ($7.99M), Ferroalloys ($7.19M), and Other Iron Products ($6.98M). Over the past 5 years the exports of Latvia to Austria have increased at an annualized rate of 16.4%,  from $60.2M in 2017 to $128M in 2022.

In 2020, Latvia exported services to Austria worth $45.7M, with Other business services ($29.7M), Transportation ($9.14M), and Communications services ($3.43M) being the largest in terms of value.

Comparison In 2022,  Austria ranked 8 in the Economic Complexity Index (ECI 1.5),  and 32 in total exports ($209B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Austria exported $220M to Latvia. The main products exported from Austria to Latvia were Packaged Medicaments ($33.5M), Broadcasting Equipment ($9.44M), and Pesticides ($5.71M). During the last 5 years the exports of Austria to Latvia have increased at an annualized rate of 7.55%, from $153M in 2017 to $220M in 2022.

In 2017, Latvia exported $128M to Austria. The main products exported from Latvia to Austria were Other Electrical Machinery ($7.99M), Ferroalloys ($7.19M), and Other Iron Products ($6.98M). During the last 5 years the exports of Latvia to Austria have increased at an annualized rate of 16.4%, from $60.2M in 2022 to $128M in 2017.

Exports from Austria (Flag) to Latvia (Flag) (2022)

Exports from Latvia (Flag) to Austria (Flag) (2022)

Latest Data

Trade between Austria (Flag) and Latvia (Flag)

Austria Exports

Latvia Exports

Market Competitiveness

Color
Austria
Top DestinationGermany$57.7B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Austria than Latvia included Germany ($57.7B), United States ($14.4B), and Italy ($13.6B).

In 2022, countries that imported more from Latvia than Austria included Lithuania ($4.09B), Estonia ($2.26B), and Nigeria ($512M).

Difference in imports from Latvia (Flag) and Austria (Flag) (2022)

Comparative Advantage Austria - Latvia

Flow
Scale

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

During 2022, Austria had a large net trade with Latvia in the exports of Chemical Products ($57.1M), Machines ($54.7M), and Transportation ($21.3M).

During 2017, Latvia had a large net trade with Austria in the exports of Machines ($31M), Wood Products ($26.2M), and Metals ($24.5M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Austria Latvia+$7.78MPackaged Medicaments
Top Product Potential Latvia Austria+$5.17MTelephones

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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Bilateral Service Trade

In 2020, Austria exported services to Latvia worth $54.8M, with Insurance services ($18.3M), Travel ($10.3M), and Other business services ($9.14M) being the largest in terms of value.

In 2020, Latvia exported services to Austria worth $45.7M, with Other business services ($29.7M), Transportation ($9.14M), and Communications services ($3.43M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Austria (Flag) to Latvia (Flag) (2020)

Services Exports from Latvia (Flag) to Austria (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Austria (Flag) and Latvia (Flag) (2022)

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