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Pricing

2022
Flag → Flag
Exports $475MRnk 65 / 222
2022
Flag → Flag
Top Product $48.4MVaccines, blood, antisera, toxins and cultures
2022
Flag → Flag
Exports $301MRnk 19 / 194
2022
Flag → Flag
Top Product $37MSawn Wood
2022
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Economic Complexity (ECI) ECI 1.25Rnk 19 / 133
2022
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GDP$579BCURRENT US$
Rnk 25 / 186
2012-2022
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GDP GROWTH16.6%CURRENT US$
Rnk 131 / 186
2022
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 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
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GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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GDP PC $49,583CURRENT US$
Rnk 19 / 186
2012-2022
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GDP PC GROWTH11%CURRENT US$
Rnk 112 / 186
2022
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GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
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GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Belgium-Latvia Trade: In 2022, Belgium exported $475M to Latvia. The main products that Belgium exported to Latvia were Vaccines, blood, antisera, toxins and cultures ($48.4M), Nitrogenous Fertilizers ($25.8M), and Iron Ingots ($21.9M). Over the past 5 years the exports of Belgium to Latvia have increased at an annualized rate of 9.16%, from $306M in 2017 to $475M in 2022.

In 2020, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

Latvia-Belgium Trade: In 2022, Latvia exported $301M to Belgium. The main products that Latvia exported to Belgium were Sawn Wood ($37M), Motor vehicles; parts and accessories (8701 to 8705) ($36.7M), and Industrial Fatty Acids, Oils and Alcohols ($31.4M). Over the past 5 years the exports of Latvia to Belgium have increased at an annualized rate of 9.39%,  from $192M in 2017 to $301M in 2022.

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

Comparison In 2022,  Belgium ranked 19 in the Economic Complexity Index (ECI 1.25),  and 13 in total exports ($475B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

August, 2024

About

Overview In August 2024, Belgium exported €19.5M and imported €11.2M from Latvia, resulting in a positive trade balance of €8.31M. Between August 2023 and August 2024 the exports of Belgium have decreased by €-5.96M (-23.4%) from €25.5M to €19.5M, while imports increased by €1.16M (11.5%) from €10.1M to €11.2M.

Trade In August 2024, the top exports of Belgium to Latvia were Cars, tractors, trucks & parts thereof. (€4.61M), Machinery, mechanical appliances, & parts (€3.62M), Plastics & articles thereof (€1.84M), Pharmaceutical products (€1.28M), and Fertilizers (€1.27M). In August 2024 the top imports of Belgium from Latvia were Wood, wood articles, & charcoal (€6.98M), Food residues & wastes; animal fodder (€2.54M), Mineral fuels, mineral oils and products... (€986k), Iron/Steel Articles (€896k), and Edible vegetables, roots, & tubers (€458k).

Growth In August 2024, the decrease in Belgium's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Fertilizers (€-5.42M or -81%), Unclassified (€-1.11M or -61.5%), and Machinery, mechanical appliances, & parts (€-554k or -13.3%). In August 2024, the increase in Belgium's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Wood, wood articles, & charcoal (€1.45M or 26.2%), Cars, tractors, trucks & parts thereof. (€365k or 586%), and Products of the milling industry (€265k or 249%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)€-5.96M(-23.4%)
IMPORT GROWTH (August 2023 - August 2024)€1.16M(11.5%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Latvia and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Latvia and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Belgium exported $475M to Latvia. The main products exported from Belgium to Latvia were Vaccines, blood, antisera, toxins and cultures ($48.4M), Nitrogenous Fertilizers ($25.8M), and Iron Ingots ($21.9M). During the last 5 years the exports of Belgium to Latvia have increased at an annualized rate of 9.16%, from $306M in 2017 to $475M in 2022.

In 2017, Latvia exported $301M to Belgium. The main products exported from Latvia to Belgium were Sawn Wood ($37M), Motor vehicles; parts and accessories (8701 to 8705) ($36.7M), and Industrial Fatty Acids, Oils and Alcohols ($31.4M). During the last 5 years the exports of Latvia to Belgium have increased at an annualized rate of 9.39%, from $192M in 2022 to $301M in 2017.

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

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

Market Competitiveness

Color
Belgium
Top DestinationGermany$91.9B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Belgium than Latvia included Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

In 2022, countries that imported more from Latvia than Belgium included Lithuania ($4.09B), Estonia ($2.26B), and Belarus ($194M).

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

Comparative Advantage Belgium - Latvia

Flow
Scale

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

During 2022, Belgium had a large net trade with Latvia in the exports of Chemical Products ($114M), Machines ($60.9M), and Metals ($53.3M).

During 2017, Latvia had a large net trade with Belgium in the exports of Wood Products ($97.6M), Chemical Products ($52.9M), and Transportation ($40M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Latvia+$11.2MCars
Top Product Potential Latvia Belgium+$8MMotor vehicles; parts and accessories (8701 to 8705)

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, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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