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Pricing

2022
Flag → Flag
Exports $75.7MRnk 76 / 210
2022
Flag → Flag
Top Product $38.3MHard Liquor
2022
Flag → Flag
Exports $97.1MRnk 30 / 194
2022
Flag → Flag
Top Product $14.3MSawn Wood
2022
Flag
Economic Complexity (ECI) ECI 1.27Rnk 18 / 133
2022
Flag  
GDP$529BCURRENT US$
Rnk 26 / 186
2012-2022
Flag
GDP GROWTH135%CURRENT US$
Rnk 7 / 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
Flag
GDP PC $104,039CURRENT US$
Rnk 4 / 186
2012-2022
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GDP PC GROWTH112%CURRENT US$
Rnk 7 / 186
2022
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GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
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GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Ireland-Latvia Trade: In 2022, Ireland exported $75.7M to Latvia. The main products that Ireland exported to Latvia were Hard Liquor ($38.3M), Scented Mixtures ($4.68M), and Pesticides ($3.15M). Over the past 5 years the exports of Ireland to Latvia have decreased at an annualized rate of 9.49%, from $125M in 2017 to $75.7M in 2022.

In 2020, Ireland exported services to Latvia worth $67.4M, with Other business services ($58.3M), Transportation ($4.57M), and Travel ($2.28M) being the largest in terms of value.

Latvia-Ireland Trade: In 2022, Latvia exported $97.1M to Ireland. The main products that Latvia exported to Ireland were Sawn Wood ($14.3M), Aluminium Structures ($10.8M), and Animal Food ($10.7M). Over the past 5 years the exports of Latvia to Ireland have increased at an annualized rate of 11.4%,  from $56.7M in 2017 to $97.1M in 2022.

In 2020, Latvia exported services to Ireland worth $179M, with Computer and information services ($127M), Other business services ($22.8M), and Travel ($13.7M) being the largest in terms of value.

Comparison In 2022,  Ireland ranked 18 in the Economic Complexity Index (ECI 1.27),  and 31 in total exports ($236B). 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, Ireland exported €7.65M and imported €4.75M from Latvia, resulting in a positive trade balance of €2.9M. Between August 2023 and August 2024 the exports of Ireland have increased by €1.66M (27.8%) from €5.99M to €7.65M, while imports decreased by €-515k (-9.77%) from €5.27M to €4.75M.

Trade In August 2024, the top exports of Ireland to Latvia were Beverages (€4.5M), Miscellaneous manufactured articles, n.e.s. (€515k), Essential oils, perfume materials, toilet preparations... (€299k), Medicinal and pharmaceutical products (€213k), and Miscellaneous edible products and preparations (€204k). In August 2024 the top imports of Ireland from Latvia were Feeding stuffs for animals, excluding unmilled... (€1.48M), Cork and wood (€799k), Cork and wood manufactures, excluding furniture (€636k), Unclassified estimates (€631k), and Manufactures of metal, n.e.s. (€573k).

Growth In August 2024, the increase in Ireland's year-by-year exports to Latvia was explained primarily by an increase in product exports in Miscellaneous manufactured articles, n.e.s. (€501k or 3.58k%), Miscellaneous edible products and preparations (€196k or 2.45k%), and Unclassified estimates (€98k or 653%). In August 2024, the decrease in Ireland's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Cork and wood (€-440k or -35.5%), Feeding stuffs for animals, excluding unmilled... (€-137k or -8.47%), and Cereals and cereal preparations (€-68k or -98.6%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (August 2023 - August 2024)€1.66M(27.8%)
IMPORT GROWTH (August 2023 - August 2024)€-515k(-9.77%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Ireland Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Ireland exported $75.7M to Latvia. The main products exported from Ireland to Latvia were Hard Liquor ($38.3M), Scented Mixtures ($4.68M), and Pesticides ($3.15M). During the last 5 years the exports of Ireland to Latvia have decreased at an annualized rate of 9.49%, from $125M in 2017 to $75.7M in 2022.

In 2017, Latvia exported $97.1M to Ireland. The main products exported from Latvia to Ireland were Sawn Wood ($14.3M), Aluminium Structures ($10.8M), and Animal Food ($10.7M). During the last 5 years the exports of Latvia to Ireland have increased at an annualized rate of 11.4%, from $56.7M in 2022 to $97.1M in 2017.

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

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

Market Competitiveness

Color
Ireland
Top DestinationUnited States$70.7B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Ireland than Latvia included United States ($70.7B), Germany ($28.6B), and United Kingdom ($19B).

In 2022, countries that imported more from Latvia than Ireland included Lithuania ($4.09B), Estonia ($2.26B), and Russia ($1.26B).

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

Comparative Advantage Ireland - Latvia

Flow
Scale

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

During 2022, Ireland had a large net trade with Latvia in the exports of Foodstuffs ($41.8M), Chemical Products ($13.3M), and Machines ($6.27M).

During 2017, Latvia had a large net trade with Ireland in the exports of Foodstuffs ($29.7M), Wood Products ($24.5M), and Metals ($13.7M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Ireland Latvia+$3.27MPackaged Medicaments
Top Product Potential Latvia Ireland+$4.79MRefined Petroleum

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, Ireland exported services to Latvia worth $67.4M, with Other business services ($58.3M), Transportation ($4.57M), and Travel ($2.28M) being the largest in terms of value.

In 2020, Latvia exported services to Ireland worth $179M, with Computer and information services ($127M), Other business services ($22.8M), and Travel ($13.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Ireland (Flag) to Latvia (Flag) (2020)

Services Exports from Latvia (Flag) to Ireland (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

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

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