Latvia (LVA) and Georgia (GEO) Trade | The Observatory of Economic Complexity

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Latvia-Georgia Trade: In 2022, Latvia exported $53.1M to Georgia. The main products that Latvia exported to Georgia were Video and Card Games ($9.46M), Hard Liquor ($7.47M), and Packaged Medicaments ($5.42M). Over the past 5 years the exports of Latvia to Georgia have increased at an annualized rate of 11.5%, from $30.7M in 2017 to $53.1M in 2022.

In 2022, Latvia did not export any services to Georgia.

Georgia-Latvia Trade: In 2022, Georgia exported $14.5M to Latvia. The main products that Georgia exported to Latvia were Wine ($4.46M), Refined Petroleum ($2.96M), and Hard Liquor ($2.6M). Over the past 5 years the exports of Georgia to Latvia have increased at an annualized rate of 8.84%, from $9.47M in 2017 to $14.5M in 2022.

In 2022, Georgia did not export any services to Latvia.

Comparison In 2022, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index. That same year, Georgia ranked 64 in the Economic Complexity Index (ECI 0.036), and 118 in total exports ($6.82B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Latvia exported $53.1M to Georgia. The main products exported from Latvia to Georgia were Video and Card Games ($9.46M), Hard Liquor ($7.47M), and Packaged Medicaments ($5.42M). During the last 5 years the exports of Latvia to Georgia have increased at an annualized rate of 11.5%, from $30.7M in 2017 to $53.1M in 2022.

In 2017, Georgia exported $14.5M to Latvia. The main products exported from Georgia to Latvia were Wine ($4.46M), Refined Petroleum ($2.96M), and Hard Liquor ($2.6M). During the last 5 years the exports of Georgia to Latvia have increased at an annualized rate of 8.84%, from $9.47M in 2022 to $14.5M in 2017.

Exports from Latvia () to Georgia () (2022)

Exports from Georgia () to Latvia () (2022)

Latest Data

Trade between Latvia () and Georgia ()

Latvia Exports

Date

Georgia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Latvia
Top DestinationLithuania$4.09B

Georgia
Top DestinationChina$759M

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

In 2022, countries that imported more from Latvia than Georgia included Lithuania ($4.09B), Estonia ($2.26B), and Germany ($1.44B).

In 2022, countries that imported more from Georgia than Latvia included Azerbaijan ($668M), Armenia ($571M), and China ($759M).

Difference in imports from Georgia () and Latvia () (2022)

Comparative Advantage Latvia - Georgia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Latvia had a large net trade with Georgia in the exports of Foodstuffs ($14M), Miscellaneous ($11M), and Machines ($9.69M).

During 2017, Georgia had a large net trade with Latvia in the exports of Foodstuffs ($9.29M), Mineral Products ($2.96M), and Vegetable Products ($628k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Latvia Georgia+$884kPackaged Medicaments

Top Product Potential Georgia Latvia+$115kFlavored Water

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

About

Historical Data

Bilateral Trade by Products

Exports from Latvia () to Georgia () (2022)

Exports from Georgia () to Latvia () (2022)

Latest Data

Trade between Latvia () and Georgia ()

Latvia Exports

Georgia Exports

Market Competitiveness

Difference in imports from Georgia () and Latvia () (2022)

Comparative Advantage Latvia - Georgia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Latvia () and Georgia () (2022)

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