Hong Kong (HKG) and Latvia (LVA) Trade | The Observatory of Economic Complexity

About

Hong Kong-Latvia Trade: In 2023, Hong Kong exported $24.8M to Latvia. The main products that Hong Kong exported to Latvia were Integrated Circuits ($5.91M), Chemical Analysis Instruments ($2.85M), and Industrial Fatty Acids, Oils and Alcohols ($2.57M). Over the past 5 years the exports of Hong Kong to Latvia have increased at an annualized rate of 4.31%, from $20.1M in 2018 to $24.8M in 2023.

In 2023, Hong Kong did not export any services to Latvia.

Latvia-Hong Kong Trade: In 2023, Latvia exported $62.5M to Hong Kong. The main products that Latvia exported to Hong Kong were Broadcasting Equipment ($20.7M), Blank Audio Media ($5.77M), and Office Machine Parts ($4.94M). Over the past 5 years the exports of Latvia to Hong Kong have increased at an annualized rate of 22%, from $23.2M in 2018 to $62.5M in 2023.

In 2020, Latvia exported services to Hong Kong worth $11.4M, with Other business services ($5.71M), Communications services ($2.28M), and Computer and information services ($2.28M) being the largest in terms of value.

Comparison In 2023, Hong Kong ranked 23 in the Economic Complexity Index (ECI 1.12), and 38 in total exports ($117B). 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, Hong Kong exported $24.8M to Latvia. The main products exported from Hong Kong to Latvia were Integrated Circuits ($5.91M), Chemical Analysis Instruments ($2.85M), and Industrial Fatty Acids, Oils and Alcohols ($2.57M). During the last 5 years the exports of Hong Kong to Latvia have increased at an annualized rate of 4.31%, from $20.1M in 2018 to $24.8M in 2023.

In 2018, Latvia exported $62.5M to Hong Kong. The main products exported from Latvia to Hong Kong were Broadcasting Equipment ($20.7M), Blank Audio Media ($5.77M), and Office Machine Parts ($4.94M). During the last 5 years the exports of Latvia to Hong Kong have increased at an annualized rate of 22%, from $23.2M in 2023 to $62.5M in 2018.

Exports from Hong Kong () to Latvia () (2023)

Exports from Latvia () to Hong Kong () (2023)

Latest Data

Trade between Hong Kong () and Latvia ()

Hong Kong Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Hong Kong
Top DestinationChina$25.3B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Hong Kong than Latvia included China ($25.3B), Vietnam ($14.4B), and South Korea ($9.5B).

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

Difference in imports from Latvia () and Hong Kong () (2023)

Comparative Advantage Hong Kong - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Hong Kong had a large net trade with Latvia in the exports of Machines ($11.4M), Chemical Products ($4.67M), and Instruments ($3.4M).

During 2018, Latvia had a large net trade with Hong Kong in the exports of Machines ($45.1M), Metals ($4.66M), and Instruments ($2.71M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Hong Kong Latvia+$3.7MIntegrated Circuits

Top Product Potential Latvia Hong Kong+$16.8MTelephones

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.

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Bilateral Service Trade

Lva Year

In 2020, Latvia exported services to Hong Kong worth $11.4M, with Other business services ($5.71M), Communications services ($2.28M), and Computer and information services ($2.28M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia () to Hong Kong () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Hong Kong () to Latvia () (2023)

Exports from Latvia () to Hong Kong () (2023)

Latest Data

Trade between Hong Kong () and Latvia ()

Hong Kong Exports

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Hong Kong () (2023)

Comparative Advantage Hong Kong - Latvia

Potential Exports

Potential Exports

Subscribe today to OEC pro and access the latest data

Subscribe today to OEC pro and access the latest data

Bilateral Service Trade

Services Exports from Latvia () to Hong Kong () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Product Space of Hong Kong () and Latvia () (2023)

Keep Exploring