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2022
Flag → Flag
Exports $158MRnk 126 / 217
2022
Flag → Flag
Top Product $48.9MRubber Tires
2022
Flag → Flag
Exports $302MRnk 18 / 194
2022
Flag → Flag
Top Product $82.1MCoal Briquettes
2022
Flag
Economic Complexity (ECI) ECI 0.64Rnk 40 / 133
2022
Flag  
GDP$3.39TCURRENT US$
Rnk 5 / 186
2012-2022
Flag
GDP GROWTH85.2%CURRENT US$
Rnk 24 / 186
2022
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 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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GDP PC $2,389CURRENT US$
Rnk 140 / 186
2012-2022
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GDP PC GROWTH66.6%CURRENT US$
Rnk 20 / 186
2022
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GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

India-Latvia Trade: In 2022, India exported $158M to Latvia. The main products that India exported to Latvia were Rubber Tires ($48.9M), Packaged Medicaments ($16.8M), and Coated Flat-Rolled Iron ($10M). Over the past 5 years the exports of India to Latvia have increased at an annualized rate of 6.9%, from $113M in 2017 to $158M in 2022.

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

Latvia-India Trade: In 2022, Latvia exported $302M to India. The main products that Latvia exported to India were Coal Briquettes ($82.1M), Nitrogenous Fertilizers ($80.1M), and Seed Oils ($41.9M). Over the past 5 years the exports of Latvia to India have increased at an annualized rate of 42%,  from $52.4M in 2017 to $302M in 2022.

In 2020, Latvia exported services to India worth $24M, with Travel ($21.7M) and Computer and information services ($2.28M) being the largest in terms of value.

Comparison In 2022,  India ranked 40 in the Economic Complexity Index (ECI 0.64),  and 15 in total exports ($468B). 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, India exported $19.8M and imported $28.9M from Latvia, resulting in a negative trade balance of $9.02M. Between August 2023 and August 2024 the exports of India have increased by $5.71M (40.4%) from $14.1M to $19.8M, while imports increased by $10.1M (53.8%) from $18.8M to $28.9M.

Trade In August 2024, the top exports of India to Latvia were Auto Tyres And Tubes ($7.81M), Agro Chemicals ($1.21M), Atm, Injctng Mlding Mchnry Etc ($1.17M), Drug Formulations, Biologicals ($824k), and Petroleum Products ($579k). In August 2024 the top imports of India from Latvia were Inorganic Chemicals ($10.3M), Iron And Steel ($2.67M), Othr Rubber Prodct Excpt Footw ($1.15M), Organic Chemicals ($487k), and Telecom Instruments ($485k).

Growth In August 2024, the increase in India's year-by-year exports to Latvia was explained primarily by an increase in product exports in Auto Tyres And Tubes ($4.7M or 151%), Agro Chemicals ($852k or 237%), and Drug Formulations, Biologicals ($755k or 1.1k%). In August 2024, the increase in India's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Inorganic Chemicals ($9.54M or 1.33k%), Iron And Steel ($1.09M or 68.9%), and Other Misc. Engineering Items ($359k or 66.8k%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (August 2023 - August 2024)$5.71M(40.4%)
IMPORT GROWTH (August 2023 - August 2024)$10.1M(53.8%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and India Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, India exported $158M to Latvia. The main products exported from India to Latvia were Rubber Tires ($48.9M), Packaged Medicaments ($16.8M), and Coated Flat-Rolled Iron ($10M). During the last 5 years the exports of India to Latvia have increased at an annualized rate of 6.9%, from $113M in 2017 to $158M in 2022.

In 2017, Latvia exported $302M to India. The main products exported from Latvia to India were Coal Briquettes ($82.1M), Nitrogenous Fertilizers ($80.1M), and Seed Oils ($41.9M). During the last 5 years the exports of Latvia to India have increased at an annualized rate of 42%, from $52.4M in 2022 to $302M in 2017.

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

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

Market Competitiveness

Color
India
Top DestinationUnited States$82.9B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from India than Latvia included United States ($82.9B), United Arab Emirates ($31.6B), and Netherlands ($17.6B).

In 2022, countries that imported more from Latvia than India included Lithuania ($4.09B), Estonia ($2.26B), and Finland ($1.06B).

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

Comparative Advantage India - Latvia

Flow
Scale

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

During 2022, India had a large net trade with Latvia in the exports of Plastics and Rubbers ($56M), Chemical Products ($32.3M), and Metals ($21.2M).

During 2017, Latvia had a large net trade with India in the exports of Chemical Products ($133M), Mineral Products ($83.9M), and Animal and Vegetable Bi-Products ($41.9M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential India Latvia+$10.4MPackaged Medicaments
Top Product Potential Latvia India+$26.7MCoal Briquettes

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, Latvia exported services to India worth $24M, with Travel ($21.7M) 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 (Flag) to India (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

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

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