Latvia (LVA) and Austria (AUT) Trade | The Observatory of Economic Complexity

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Latvia-Austria Trade: In 2023, Latvia exported $107M to Austria. The main products that Latvia exported to Austria were Ferroalloys ($13.5M), Insulated Wire ($8.11M), and Plywood ($7M). Over the past 5 years the exports of Latvia to Austria have increased at an annualized rate of 0.66%, from $103M in 2018 to $107M in 2023.

In 2020, Latvia exported services to Austria worth $45.7M, with Other business services ($29.7M), Transportation ($9.14M), and Communications services ($3.43M) being the largest in terms of value.

Austria-Latvia Trade: In 2023, Austria exported $242M to Latvia. The main products that Austria exported to Latvia were Packaged Medicaments ($37.8M), Central Heating Boilers ($13.8M), and Phenols ($9.51M). Over the past 5 years the exports of Austria to Latvia have increased at an annualized rate of 3.95%, from $191M in 2018 to $242M in 2023.

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

Comparison In 2023, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index. That same year, Austria ranked 8 in the Economic Complexity Index (ECI 1.56), and 31 in total exports ($204B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Latvia exported $107M to Austria. The main products exported from Latvia to Austria were Ferroalloys ($13.5M), Insulated Wire ($8.11M), and Plywood ($7M). During the last 5 years the exports of Latvia to Austria have increased at an annualized rate of 0.66%, from $103M in 2018 to $107M in 2023.

In 2018, Austria exported $242M to Latvia. The main products exported from Austria to Latvia were Packaged Medicaments ($37.8M), Central Heating Boilers ($13.8M), and Phenols ($9.51M). During the last 5 years the exports of Austria to Latvia have increased at an annualized rate of 3.95%, from $191M in 2023 to $242M in 2018.

Exports from Latvia () to Austria () (2023)

Exports from Austria () to Latvia () (2023)

Latest Data

Trade between Latvia () and Austria ()

Latvia Exports

Date

Austria Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Latvia
Top DestinationLithuania$3.77B

Austria
Top DestinationGermany$51B

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

In 2023, countries that imported more from Latvia than Austria included Lithuania ($3.77B), Estonia ($1.26B), and Nigeria ($717M).

In 2023, countries that imported more from Austria than Latvia included Germany ($51B), United States ($18.1B), and Italy ($13.5B).

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

Comparative Advantage Latvia - Austria

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Latvia had a large net trade with Austria in the exports of Machines ($26.8M), Metals ($19.7M), and Wood Products ($17.4M).

During 2018, Austria had a large net trade with Latvia in the exports of Machines ($66.7M), Chemical Products ($64.7M), and Metals ($28.3M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Latvia Austria+$5.17MTelephones

Top Product Potential Austria Latvia+$7.78MPackaged Medicaments

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

About

Historical Data

Bilateral Trade by Products

Exports from Latvia () to Austria () (2023)

Exports from Austria () to Latvia () (2023)

Latest Data

Trade between Latvia () and Austria ()

Latvia Exports

Austria Exports

Market Competitiveness

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

Comparative Advantage Latvia - Austria

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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