Georgia (GEO) and Latvia (LVA) Trade | The Observatory of Economic Complexity

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Georgia-Latvia Trade: In 2022, Georgia exported $14.5M to Latvia. The main products that Georgia exported to Latvia were Wine ($4.46M), Refined Petroleum ($2.96M), and Hard Liquor ($2.6M). Over the past 5 years the exports of Georgia to Latvia have increased at an annualized rate of 8.84%, from $9.47M in 2017 to $14.5M in 2022.

In 2022, Georgia did not export any services to Latvia.

Latvia-Georgia Trade: In 2022, Latvia exported $53.1M to Georgia. The main products that Latvia exported to Georgia were Video and Card Games ($9.46M), Hard Liquor ($7.47M), and Packaged Medicaments ($5.42M). Over the past 5 years the exports of Latvia to Georgia have increased at an annualized rate of 11.5%, from $30.7M in 2017 to $53.1M in 2022.

In 2022, Latvia did not export any services to Georgia.

Comparison In 2022, Georgia ranked 64 in the Economic Complexity Index (ECI 0.036), and 118 in total exports ($6.82B). 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

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Georgia exported $14.5M to Latvia. The main products exported from Georgia to Latvia were Wine ($4.46M), Refined Petroleum ($2.96M), and Hard Liquor ($2.6M). During the last 5 years the exports of Georgia to Latvia have increased at an annualized rate of 8.84%, from $9.47M in 2017 to $14.5M in 2022.

In 2017, Latvia exported $53.1M to Georgia. The main products exported from Latvia to Georgia were Video and Card Games ($9.46M), Hard Liquor ($7.47M), and Packaged Medicaments ($5.42M). During the last 5 years the exports of Latvia to Georgia have increased at an annualized rate of 11.5%, from $30.7M in 2022 to $53.1M in 2017.

Exports from Georgia () to Latvia () (2022)

Exports from Latvia () to Georgia () (2022)

Latest Data

Trade between Georgia () and Latvia ()

Georgia Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Georgia
Top DestinationChina$759M

Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Georgia than Latvia included Azerbaijan ($668M), Armenia ($571M), and China ($759M).

In 2022, countries that imported more from Latvia than Georgia included Lithuania ($4.09B), Estonia ($2.26B), and Germany ($1.44B).

Difference in imports from Latvia () and Georgia () (2022)

Comparative Advantage Georgia - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Georgia had a large net trade with Latvia in the exports of Foodstuffs ($9.29M), Mineral Products ($2.96M), and Vegetable Products ($628k).

During 2017, Latvia had a large net trade with Georgia in the exports of Foodstuffs ($14M), Miscellaneous ($11M), and Machines ($9.69M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Georgia Latvia+$115kFlavored Water

Top Product Potential Latvia Georgia+$884kPackaged 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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Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Georgia () to Latvia () (2022)

Exports from Latvia () to Georgia () (2022)

Latest Data

Trade between Georgia () and Latvia ()

Georgia Exports

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Georgia () (2022)

Comparative Advantage Georgia - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Georgia () and Latvia () (2022)

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