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2023
Flag → Flag
Exports $28.1MRnk 151 / 211
2023
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Top Product $5.2MRubber Tires
2023
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Exports $75.6MRnk 33 / 198
2023
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Top Product $27MSawn Wood
2023
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Economic Complexity (ECI) ECI 2.07Rnk 1 / 132
2023
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GDP$4.2TCURRENT US$
Rnk 4 / 195
2013-2023
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GDP GROWTH-19.3%CURRENT US$
Rnk 190 / 195
2023
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 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
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GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
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GDP PC $33,767CURRENT US$
Rnk 38 / 195
2013-2023
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GDP PC GROWTH-17.4%CURRENT US$
Rnk 176 / 195
2023
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GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
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GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

Japan-Latvia Trade: In 2023, Japan exported $28.1M to Latvia. The main products that Japan exported to Latvia were Rubber Tires ($5.2M), Synthetic Rubber ($3.25M), and Valves ($2.06M). Over the past 5 years the exports of Japan to Latvia have decreased at an annualized rate of 12.1%, from $53.6M in 2018 to $28.1M in 2023.

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

Latvia-Japan Trade: In 2023, Latvia exported $75.6M to Japan. The main products that Latvia exported to Japan were Sawn Wood ($27M), Peat ($9.33M), and Frozen Fruits and Nuts ($6.44M). Over the past 5 years the exports of Latvia to Japan have decreased at an annualized rate of 0.49%,  from $80.3M in 2018 to $75.6M in 2023.

In 2020, Latvia exported services to Japan worth $1.14M, with Financial services ($1.14M) being the largest in terms of value.

Comparison In 2023,  Japan ranked 1 in the Economic Complexity Index (ECI 2.07),  and 4 in total exports ($766B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

December, 2024

About

Overview In December 2024, Japan exported ¥617M and imported ¥1.03B from Latvia, resulting in a negative trade balance of ¥417M. Between December 2023 and December 2024 the exports of Japan have increased by ¥202M (48.8%) from ¥415M to ¥617M, while imports increased by ¥302M (41.1%) from ¥733M to ¥1.03B.

Trade In December 2024, the top exports of Japan to Latvia were Commodities not elsewhere specified (¥43.9M), Hard Liquor (¥41.5M), Synthetic Rubber (¥38.1M), Blank Audio Media (¥13M), and Fishing and Hunting Equipment (¥12.1M). In December 2024 the top imports of Japan from Latvia were Sawn Wood (¥230M), Medical Instruments (¥154M), Peat (¥121M), Frozen Fruits and Nuts (¥80.4M), and Excavation Machinery (¥63.8M).

Origins In December 2024 the exports of Japan were mainly from Chiba (¥192M), Tokyo (¥182M), Kanagawa (¥108M), Aichi (¥45.6M), and Osaka (¥39M), while imports destinations were mainly Tokyo (¥223M), Chiba (¥210M), Aichi (¥187M), Kanagawa (¥147M), and Hyōgo (¥67.3M).

Growth In December 2024, the increase in Japan's year-by-year exports to Latvia was explained primarily by an increase in product exports in Commodities not elsewhere specified (¥24.3M or 125%), Synthetic Monofilament (¥1.46M or 176%), and Fishing and Hunting Equipment (¥587k or 5.08%). In December 2024, the increase in Japan's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Medical Instruments (¥57.8M or 59.8%), Wood Crates (¥16.2M or 332%), and Non-fillet Frozen Fish (¥15.2M or 272%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)¥202M(48.8%)
IMPORT GROWTH (December 2023 - December 2024)¥302M(41.1%)
MAIN EXPORTER (December 2024)Chiba¥192M

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Japan Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Japan exported $28.1M to Latvia. The main products exported from Japan to Latvia were Rubber Tires ($5.2M), Synthetic Rubber ($3.25M), and Valves ($2.06M). During the last 5 years the exports of Japan to Latvia have decreased at an annualized rate of 12.1%, from $53.6M in 2018 to $28.1M in 2023.

In 2018, Latvia exported $75.6M to Japan. The main products exported from Latvia to Japan were Sawn Wood ($27M), Peat ($9.33M), and Frozen Fruits and Nuts ($6.44M). During the last 5 years the exports of Latvia to Japan have decreased at an annualized rate of 0.49%, from $80.3M in 2023 to $75.6M in 2018.

Exports from Japan (Flag) to Latvia (Flag) (2023)

Exports from Latvia (Flag) to Japan (Flag) (2023)

Market Competitiveness

Color
Japan
Top DestinationUnited States$143B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Japan than Latvia included United States ($143B), China ($138B), and Chinese Taipei ($43B).

In 2023, countries that imported more from Latvia than Japan included Lithuania ($3.77B), Estonia ($1.26B), and Denmark ($873M).

Difference in imports from Latvia (Flag) and Japan (Flag) (2023)

Comparative Advantage Japan - Latvia

Flow
Scale

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

During 2023, Japan had a large net trade with Latvia in the exports of Plastics and Rubbers ($8.97M), Machines ($7.68M), and Chemical Products ($1.6M).

During 2018, Latvia had a large net trade with Japan in the exports of Wood Products ($29.3M), Mineral Products ($9.33M), and Vegetable Products ($7.13M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Japan Latvia+$3.47MCars
Top Product Potential Latvia Japan+$7.7MSawn Wood

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 Japan worth $1.14M, with Financial services ($1.14M) being the largest in terms of value.

Service trade data is presented based on availability.

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

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Japan (Flag) and Latvia (Flag) (2023)

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