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Pricing

2023
Flag → Flag
Exports $1.03BRnk 6 / 198
2023
Flag → Flag
Top Product $322MSawn Wood
2023
Flag → Flag
Exports $261MRnk 84 / 223
2023
Flag → Flag
Top Product $50.4MCars
2023
Flag
Economic Complexity (ECI) ECI 1.5Rnk 11 / 132
2023
Flag  
GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
Flag
GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
Flag
 GDP$3.38TCURRENT US$
Rnk 6 / 195
2013-2023
Flag
GDP GROWTH21.4%CURRENT US$
Rnk 136 / 195
2023
Flag
GDP PC $22,503CURRENT US$
Rnk 56 / 195
2013-2023
Flag
GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195
2023
Flag
GDP PC$49,464CURRENT US$
Rnk 26 / 196
2013-2023
Flag
GDP PC GROWTH13.9%CURRENT US$
Rnk 124 / 195

About

Latvia-United Kingdom Trade: In 2023, Latvia exported $1.03B to United Kingdom. The main products that Latvia exported to United Kingdom were Sawn Wood ($322M), Fuel Wood ($225M), and Plywood ($41.3M). Over the past 5 years the exports of Latvia to United Kingdom have decreased at an annualized rate of 0.17%, from $1.04B in 2018 to $1.03B in 2023.

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 2023, United Kingdom exported $261M to Latvia. The main products that United Kingdom exported to Latvia were Cars ($50.4M), Hard Liquor ($15.1M), and Aircraft parts (gliders, balloons, and powered aircraft) ($12.5M). Over the past 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 8.5%,  from $408M in 2018 to $261M in 2023.

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 2023,  Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index. That same year, United Kingdom ranked 11 in the Economic Complexity Index (ECI 1.5), and 14 in total exports ($429B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Latvia exported $1.03B to United Kingdom. The main products exported from Latvia to United Kingdom were Sawn Wood ($322M), Fuel Wood ($225M), and Plywood ($41.3M). During the last 5 years the exports of Latvia to United Kingdom have decreased at an annualized rate of 0.17%, from $1.04B in 2018 to $1.03B in 2023.

In 2018, United Kingdom exported $261M to Latvia. The main products exported from United Kingdom to Latvia were Cars ($50.4M), Hard Liquor ($15.1M), and Aircraft parts (gliders, balloons, and powered aircraft) ($12.5M). During the last 5 years the exports of United Kingdom to Latvia have decreased at an annualized rate of 8.5%, from $408M in 2023 to $261M in 2018.

Exports from Latvia (Flag) to United Kingdom (Flag) (2023)

Exports from United Kingdom (Flag) to Latvia (Flag) (2023)

Latest Data

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

Latvia Exports

United Kingdom Exports

Market Competitiveness

Color
Latvia
Top DestinationLithuania$3.77B
United Kingdom
Top DestinationUnited States$59.7B

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

In 2023, countries that imported more from United Kingdom than Latvia included United States ($59.7B), China ($35.3B), and Germany ($34.6B).

Difference in imports from United Kingdom (Flag) and Latvia (Flag) (2023)

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 2023, Latvia had a large net trade with United Kingdom in the exports of Wood Products ($697M), Machines ($67.9M), and Metals ($40.6M).

During 2018, United Kingdom had a large net trade with Latvia in the exports of Transportation ($88.6M), Machines ($54.3M), and Chemical Products ($22.9M).

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) (2023)

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