Indonesia (IDN) and Latvia (LVA) Trade | The Observatory of Economic Complexity

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Indonesia-Latvia Trade: In 2023, Indonesia exported $28.4M to Latvia. The main products that Indonesia exported to Latvia were Rubber ($8.63M), Rubber Tires ($3.24M), and Hot-Rolled Iron ($2.94M). Over the past 5 years the exports of Indonesia to Latvia have decreased at an annualized rate of 14.6%, from $62.4M in 2018 to $28.4M in 2023.

In 2023, Indonesia did not export any services to Latvia.

Latvia-Indonesia Trade: In 2023, Latvia exported $20.7M to Indonesia. The main products that Latvia exported to Indonesia were Broadcasting Equipment ($14.4M), Medical Instruments ($1.67M), and Animal Meal and Pellets ($1.18M). Over the past 5 years the exports of Latvia to Indonesia have increased at an annualized rate of 0.88%, from $19.8M in 2018 to $20.7M in 2023.

In 2010, Latvia exported services to Indonesia worth $1.33M, with Travel ($1.33M) being the largest in terms of value.

Comparison In 2023, Indonesia ranked 65 in the Economic Complexity Index (ECI -0.085), and 27 in total exports ($299B). 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, Indonesia exported $28.4M to Latvia. The main products exported from Indonesia to Latvia were Rubber ($8.63M), Rubber Tires ($3.24M), and Hot-Rolled Iron ($2.94M). During the last 5 years the exports of Indonesia to Latvia have decreased at an annualized rate of 14.6%, from $62.4M in 2018 to $28.4M in 2023.

In 2018, Latvia exported $20.7M to Indonesia. The main products exported from Latvia to Indonesia were Broadcasting Equipment ($14.4M), Medical Instruments ($1.67M), and Animal Meal and Pellets ($1.18M). During the last 5 years the exports of Latvia to Indonesia have increased at an annualized rate of 0.88%, from $19.8M in 2023 to $20.7M in 2018.

Exports from Indonesia () to Latvia () (2023)

Exports from Latvia () to Indonesia () (2023)

Latest Data

Trade between Indonesia () and Latvia ()

Indonesia Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Indonesia
Top DestinationChina$70.7B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Indonesia than Latvia included China ($70.7B), United States ($27.9B), and India ($24B).

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

Difference in imports from Latvia () and Indonesia () (2023)

Comparative Advantage Indonesia - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Indonesia had a large net trade with Latvia in the exports of Plastics and Rubbers ($12.3M), Metals ($3.63M), and Machines ($2.93M).

During 2018, Latvia had a large net trade with Indonesia in the exports of Machines ($15.2M), Instruments ($2.02M), and Foodstuffs ($1.35M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Indonesia Latvia+$6.59MCoal Briquettes

Top Product Potential Latvia Indonesia+$9.36MTelephones

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 Indonesia and Latvia. This means that a dot/product with the flag of Indonesia indicates it has a comparative advantage over Latvia. Similarly, a dot/product with the flag of Latvia indicates it has a comparative advantage over Indonesia.

About

Historical Data

Bilateral Trade by Products

Exports from Indonesia () to Latvia () (2023)

Exports from Latvia () to Indonesia () (2023)

Latest Data

Trade between Indonesia () and Latvia ()

Indonesia Exports

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Indonesia () (2023)

Comparative Advantage Indonesia - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Indonesia () and Latvia () (2023)

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