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2023
Flag → Flag
Exports $57.6MRnk 106 / 142
2023
Flag → Flag
Top Product $6.1MRubber Tires
2023
Flag → Flag
Exports $76.3MRnk 32 / 198
2023
Flag → Flag
Top Product $29.8MSawn Wood
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag  
GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 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 $33,121CURRENT US$
Rnk 41 / 195
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 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

South Korea-Latvia Trade: In 2023, South Korea exported $57.6M to Latvia. The main products that South Korea exported to Latvia were Rubber Tires ($6.1M), Integrated Circuits ($5.36M), and Coated Flat-Rolled Iron ($5.22M). Over the past 5 years the exports of South Korea to Latvia have increased at an annualized rate of 10.6%, from $34.8M in 2018 to $57.6M in 2023.

In 2023, South Korea did not export any services to Latvia.

Latvia-South Korea Trade: In 2023, Latvia exported $76.3M to South Korea. The main products that Latvia exported to South Korea were Sawn Wood ($29.8M), Plywood ($20.1M), and Peat ($7.71M). Over the past 5 years the exports of Latvia to South Korea have decreased at an annualized rate of 1.06%,  from $80.5M in 2018 to $76.3M in 2023.

In 2019, Latvia exported services to South Korea worth $3.36M, with Personal, cultural, and recreational services ($1.12M), Travel ($1.12M), and Other business services ($1.12M) being the largest in terms of value.

Comparison In 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85),  and 5 in total exports ($645B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

January, 2025

About

Overview In January 2025, South Korea exported $4.14M and imported $9.37M from Latvia, resulting in a negative trade balance of $5.23M. Between January 2024 and January 2025 the exports of South Korea have decreased by $-151k (-3.52%) from $4.29M to $4.14M, while imports increased by $3.16M (50.9%) from $6.21M to $9.37M.

Trade In January 2025, the top exports of South Korea to Latvia were Inorganic chemicals ($1.26M), Plastics & articles thereof ($705k), Perfumery & cosmetics ($590k), Machinery, mechanical appliances, & parts ($346k), and Ceramic products ($190k). In January 2025 the top imports of South Korea from Latvia were Wood, wood articles, & charcoal ($4.24M), Mineral fuels, mineral oils and products... ($503k), Optical, photo, & film equipment; medical... ($354k), Furniture, bedding, lamps, & prefab buildings ($266k), and Glass & glassware ($249k).

Growth In January 2025, the decrease in South Korea's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Plastics & articles thereof ($-791k or -52.9%), Cars, tractors, trucks & parts thereof. ($-323k or -100%), and Mineral fuels, mineral oils and products... ($-315k or -83.1%). In January 2025, the increase in South Korea's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Wood, wood articles, & charcoal ($418k or 10.9%), Furniture, bedding, lamps, & prefab buildings ($206k or 343%), and Optical, photo, & film equipment; medical... ($200k or 130%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (January 2024 - January 2025)$-151k(-3.52%)
IMPORT GROWTH (January 2024 - January 2025)$3.16M(50.9%)

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

To check Latvia and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Latvia and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $57.6M to Latvia. The main products exported from South Korea to Latvia were Rubber Tires ($6.1M), Integrated Circuits ($5.36M), and Coated Flat-Rolled Iron ($5.22M). During the last 5 years the exports of South Korea to Latvia have increased at an annualized rate of 10.6%, from $34.8M in 2018 to $57.6M in 2023.

In 2018, Latvia exported $76.3M to South Korea. The main products exported from Latvia to South Korea were Sawn Wood ($29.8M), Plywood ($20.1M), and Peat ($7.71M). During the last 5 years the exports of Latvia to South Korea have decreased at an annualized rate of 1.06%, from $80.5M in 2023 to $76.3M in 2018.

Exports from South Korea (Flag) to Latvia (Flag) (2023)

Exports from Latvia (Flag) to South Korea (Flag) (2023)

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from South Korea than Latvia included China ($162B), United States ($118B), and Hong Kong ($28.8B).

In 2023, countries that imported more from Latvia than South Korea included Lithuania ($3.77B), Russia ($1.22B), and Estonia ($1.26B).

Difference in imports from Latvia (Flag) and South Korea (Flag) (2023)

Comparative Advantage South Korea - Latvia

Flow
Scale

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

During 2023, South Korea had a large net trade with Latvia in the exports of Machines ($18.1M), Plastics and Rubbers ($17.6M), and Metals ($6.91M).

During 2018, Latvia had a large net trade with South Korea in the exports of Wood Products ($52.9M), Mineral Products ($7.71M), and Stone And Glass ($3.46M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Latvia+$5.16MIntegrated Circuits
Top Product Potential Latvia South Korea+$6.09MWheat

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 2019, Latvia exported services to South Korea worth $3.36M, with Personal, cultural, and recreational services ($1.12M), Travel ($1.12M), and Other business services ($1.12M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia (Flag) to South Korea (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of South Korea (Flag) and Latvia (Flag) (2023)

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