Latvia (LVA) and Belgium (BEL) Trade | The Observatory of Economic Complexity

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Latvia-Belgium Trade: In 2023, Latvia exported $253M to Belgium. The main products that Latvia exported to Belgium were Motor vehicles; parts and accessories (8701 to 8705) ($43.4M), Amine Compounds ($23.4M), and Rough Wood ($16.3M). Over the past 5 years the exports of Latvia to Belgium have increased at an annualized rate of 9.91%, from $158M in 2018 to $253M in 2023.

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

Belgium-Latvia Trade: In 2023, Belgium exported $512M to Latvia. The main products that Belgium exported to Latvia were Tractors ($31.5M), Iron Ingots ($21.3M), and Beer ($19.3M). Over the past 5 years the exports of Belgium to Latvia have increased at an annualized rate of 11.5%, from $297M in 2018 to $512M in 2023.

In 2020, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

Comparison In 2023, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index. That same year, Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Latvia exported $253M to Belgium. The main products exported from Latvia to Belgium were Motor vehicles; parts and accessories (8701 to 8705) ($43.4M), Amine Compounds ($23.4M), and Rough Wood ($16.3M). During the last 5 years the exports of Latvia to Belgium have increased at an annualized rate of 9.91%, from $158M in 2018 to $253M in 2023.

In 2018, Belgium exported $512M to Latvia. The main products exported from Belgium to Latvia were Tractors ($31.5M), Iron Ingots ($21.3M), and Beer ($19.3M). During the last 5 years the exports of Belgium to Latvia have increased at an annualized rate of 11.5%, from $297M in 2023 to $512M in 2018.

Exports from Latvia () to Belgium () (2023)

Exports from Belgium () to Latvia () (2023)

Latest Data

Trade between Latvia () and Belgium ()

Latvia Exports

Date

Belgium Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Latvia
Top DestinationLithuania$3.77B

Belgium
Top DestinationFrance$85.6B

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

In 2023, countries that imported more from Latvia than Belgium included Lithuania ($3.77B), Estonia ($1.26B), and Uzbekistan ($260M).

In 2023, countries that imported more from Belgium than Latvia included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

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

Comparative Advantage Latvia - Belgium

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Latvia had a large net trade with Belgium in the exports of Wood Products ($53.7M), Transportation ($51M), and Chemical Products ($40.2M).

During 2018, Belgium had a large net trade with Latvia in the exports of Machines ($66.9M), Transportation ($65.3M), and Foodstuffs ($61.4M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Latvia Belgium+$8MMotor vehicles; parts and accessories (8701 to 8705)

Top Product Potential Belgium Latvia+$11.2MCars

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

Bel Year

Lva Year

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

In 2020, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia () to Belgium () (2020)

Services Exports from Belgium () to Latvia () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Latvia () to Belgium () (2023)

Exports from Belgium () to Latvia () (2023)

Latest Data

Trade between Latvia () and Belgium ()

Latvia Exports

Belgium Exports

Market Competitiveness

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

Comparative Advantage Latvia - Belgium

Potential Exports

Potential Exports

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Bilateral Service Trade

Services Exports from Latvia () to Belgium () (2020)

Services Exports from Belgium () to Latvia () (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

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