United Kingdom (GBR) and Latvia (LVA) Trade

2023

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Exports $261MRnk 84 / 223

2023

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About

United Kingdom-Latvia Trade: In 2023, United Kingdom exported $261M to Latvia. The main products that United Kingdom exported to Latvia were Cars ($50.4M), Hard Liquor ($15.1M), and Aircraft parts (gliders, balloons, and powered aircraft) ($12.5M). Over the past 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 8.5%, from $408M in 2018 to $261M in 2023.

In 2019, United Kingdom exported services to Latvia worth $128M, with Travel ($105M), Other business services ($8.96M), and Government services, n.i.e. ($3.81M) being the largest in terms of value.

Latvia-United Kingdom Trade: In 2023, Latvia exported $1.03B to United Kingdom. The main products that Latvia exported to United Kingdom were Sawn Wood ($322M), Fuel Wood ($225M), and Plywood ($41.3M). Over the past 5 years the exports of Latvia to United Kingdom have decreased at an annualized rate of 0.17%, from $1.04B in 2018 to $1.03B in 2023.

In 2020, Latvia exported services to United Kingdom worth $243M, with Transportation ($95.9M), Other business services ($57.1M), and Computer and information services ($32M) being the largest in terms of value.

Comparison In 2023, United Kingdom ranked 11 in the Economic Complexity Index (ECI 1.5), and 14 in total exports ($429B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

December, 2024

About

Overview In December 2024, United Kingdom exported £22.3M and imported £74.9M from Latvia, resulting in a negative trade balance of £52.6M. Between December 2023 and December 2024 the exports of United Kingdom have decreased by £-4.75M (-17.6%) from £27M to £22.3M, while imports increased by £3.87M (5.45%) from £71M to £74.9M.

Trade In December 2024, the top exports of United Kingdom to Latvia were Hard Liquor (£3.89M), Aircraft parts for spacecraft, UAVs, and... (£2.96M), Used Clothing (£735k), Cars (£727k), and Insulated Wire (£311k). In December 2024 the top imports of United Kingdom from Latvia were Fuel Wood (£33.5M), Sawn Wood (£18.9M), Aircraft parts for spacecraft, UAVs, and... (£6.46M), Plywood (£2.81M), and Wood Stakes (£2.27M).

Origins In December 2024 the exports of United Kingdom were mainly from Dover Eurotunnel (£9.66M), Middlesbrough (£1.23M), Immingham (£1.09M), Felixstowe (£1.07M), and East Midlands Airport (£608k), while imports destinations were mainly Immingham (£17.5M), Hull (£11.3M), Dover (£6.71M), Middlesbrough (£5.69M), and Tyne (£4.72M).

Growth In December 2024, the decrease in United Kingdom's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Hard Liquor (£-5.27M or -57.6%), Non-fillet Frozen Fish (£-1.87M or -99%), and Cars (£-1.32M or -64.5%). In December 2024, the increase in United Kingdom's year-by-year imports from Latvia was explained primarily by an increase in product imports in Fuel Wood (£6.07M or 22.1%), Aircraft parts for spacecraft, UAVs, and... (£5.36M or 487%), and Aluminium Structures (£1.51M or 382%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (December 2023 - December 2024)£-4.75M(-17.6%)

IMPORT GROWTH (December 2023 - December 2024)£3.87M(5.45%)

MAIN EXPORTER (December 2024)Dover Eurotunnel£9.66M

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

To check Latvia and United Kingdom trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, United Kingdom exported $261M to Latvia. The main products exported from United Kingdom to Latvia were Cars ($50.4M), Hard Liquor ($15.1M), and Aircraft parts (gliders, balloons, and powered aircraft) ($12.5M). During the last 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 8.5%, from $408M in 2018 to $261M in 2023.

In 2018, Latvia exported $1.03B to United Kingdom. The main products exported from Latvia to United Kingdom were Sawn Wood ($322M), Fuel Wood ($225M), and Plywood ($41.3M). During the last 5 years the exports of Latvia to United Kingdom have decreased at an annualized rate of 0.17%, from $1.04B in 2023 to $1.03B in 2018.

Exports from United Kingdom () to Latvia () (2023)

Exports from Latvia () to United Kingdom () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United Kingdom
Top DestinationUnited States$59.7B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from United Kingdom than Latvia included United States ($59.7B), China ($35.3B), and Germany ($34.6B).

In 2023, countries that imported more from Latvia than United Kingdom included Lithuania ($3.77B), Estonia ($1.26B), and Russia ($1.22B).

Difference in imports from Latvia () and United Kingdom () (2023)

Comparative Advantage United Kingdom - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, United Kingdom had a large net trade with Latvia in the exports of Transportation ($88.6M), Machines ($54.3M), and Chemical Products ($22.9M).

During 2018, Latvia had a large net trade with United Kingdom in the exports of Wood Products ($697M), Machines ($67.9M), and Metals ($40.6M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential United Kingdom Latvia+$18.9MCars

Top Product Potential Latvia United Kingdom+$17MPackaged Medicaments

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

Lva Year

Gbr Year

In 2019, United Kingdom exported services to Latvia worth $128M, with Travel ($105M), Other business services ($8.96M), and Government services, n.i.e. ($3.81M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United Kingdom () to Latvia () (2019)

Services Exports from Latvia () to United Kingdom () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

Product Space of United Kingdom () and Latvia () (2023)

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