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2022
Flag → Flag
Exports $1.19BRnk 6 / 194
2022
Flag → Flag
Top Product $488MSawn Wood
2022
Flag → Flag
Exports $346MRnk 78 / 224
2022
Flag → Flag
Top Product $128MHard Liquor
2022
Flag
Economic Complexity (ECI) ECI 1.42Rnk 12 / 133
2022
Flag  
GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
Flag
 GDP$3.07TCURRENT US$
Rnk 6 / 186
2012-2022
Flag
GDP GROWTH13.5%CURRENT US$
Rnk 139 / 186
2022
Flag
GDP PC $21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186
2022
Flag
GDP PC$45,850CURRENT US$
Rnk 23 / 186
2012-2022
Flag
GDP PC GROWTH7.92%CURRENT US$
Rnk 122 / 186

About

Latvia-United Kingdom Trade: In 2022, Latvia exported $1.19B to United Kingdom. The main products that Latvia exported to United Kingdom were Sawn Wood ($488M), Fuel Wood ($253M), and Rapeseed ($33.4M). Over the past 5 years the exports of Latvia to United Kingdom have increased at an annualized rate of 10.3%, from $731M in 2017 to $1.19B in 2022.

In 2020, Latvia exported services to United Kingdom worth $243M, with Transportation ($95.9M), Other business services ($57.1M), and Computer and information services ($32M) being the largest in terms of value.

United Kingdom-Latvia Trade: In 2022, United Kingdom exported $346M to Latvia. The main products that United Kingdom exported to Latvia were Hard Liquor ($128M), Cars ($38.1M), and Aircraft Parts ($7.92M). Over the past 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 3.22%,  from $465M in 2017 to $346M in 2022.

In 2019, United Kingdom exported services to Latvia worth $128M, with Travel ($105M), Other business services ($8.96M), and Government services, n.i.e. ($3.81M) being the largest in terms of value.

Comparison In 2022,  Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index. That same year, United Kingdom ranked 12 in the Economic Complexity Index (ECI 1.42), and 14 in total exports ($469B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Latvia exported $1.19B to United Kingdom. The main products exported from Latvia to United Kingdom were Sawn Wood ($488M), Fuel Wood ($253M), and Rapeseed ($33.4M). During the last 5 years the exports of Latvia to United Kingdom have increased at an annualized rate of 10.3%, from $731M in 2017 to $1.19B in 2022.

In 2017, United Kingdom exported $346M to Latvia. The main products exported from United Kingdom to Latvia were Hard Liquor ($128M), Cars ($38.1M), and Aircraft Parts ($7.92M). During the last 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 3.22%, from $465M in 2022 to $346M in 2017.

Exports from Latvia (Flag) to United Kingdom (Flag) (2022)

Exports from United Kingdom (Flag) to Latvia (Flag) (2022)

Latest Data

Trade between Latvia (Flag) and United Kingdom (Flag)

Latvia Exports

United Kingdom Exports

Market Competitiveness

Color
Latvia
Top DestinationLithuania$4.09B
United Kingdom
Top DestinationUnited States$61.8B

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

In 2022, countries that imported more from Latvia than United Kingdom included Lithuania ($4.09B), Estonia ($2.26B), and Belarus ($194M).

In 2022, countries that imported more from United Kingdom than Latvia included United States ($61.8B), Netherlands ($41.9B), and Germany ($40.6B).

Difference in imports from United Kingdom (Flag) and Latvia (Flag) (2022)

Comparative Advantage Latvia - United Kingdom

Flow
Scale

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

During 2022, Latvia had a large net trade with United Kingdom in the exports of Wood Products ($861M), Machines ($61.6M), and Vegetable Products ($40M).

During 2017, United Kingdom had a large net trade with Latvia in the exports of Foodstuffs ($135M), Transportation ($61.2M), and Machines ($42.5M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Latvia United Kingdom+$17MPackaged Medicaments
Top Product Potential United Kingdom Latvia+$18.9MCars

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 United Kingdom worth $243M, with Transportation ($95.9M), Other business services ($57.1M), and Computer and information services ($32M) being the largest in terms of value.

In 2019, United Kingdom exported services to Latvia worth $128M, with Travel ($105M), Other business services ($8.96M), and Government services, n.i.e. ($3.81M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia (Flag) to United Kingdom (Flag) (2020)

Services Exports from United Kingdom (Flag) to Latvia (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Latvia (Flag) and United Kingdom (Flag) (2022)

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