2023
Flag  
GDP
$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
Flag
GDP GROWTH
44.9%CURRENT US$
Rnk 86 / 195
2023
Flag
 GDP
$243BCURRENT US$
Rnk 54 / 195
2013-2023
Flag
GDP GROWTH
2.93%CURRENT US$
Rnk 166 / 195
2023
Flag
GDP PC 
$22,503CURRENT US$
Rnk 56 / 195
2013-2023
Flag
GDP PC GROWTH
55.4%CURRENT US$
Rnk 37 / 195
2023
Flag
GDP PC
$23,401CURRENT US$
Rnk 53 / 196
2013-2023
Flag
GDP PC GROWTH
8.47%CURRENT US$
Rnk 139 / 195

About

Latvia-Greece Trade: In 2023, Latvia exported $37.9M to Greece. The main products that Latvia exported to Greece were Hard Liquor ($6.54M), Office Machine Parts ($2.93M), and Broadcasting Equipment ($1.67M). Over the past 5 years the exports of Latvia to Greece have increased at an annualized rate of 11.8%, from $21.7M in 2018 to $37.9M in 2023.

In 2020, Latvia exported services to Greece worth $17.1M, with Transportation ($14.8M), Computer and information services ($1.14M), and Other business services ($1.14M) being the largest in terms of value.

Greece-Latvia Trade: In 2023, Greece exported $52.9M to Latvia. The main products that Greece exported to Latvia were Copper Wire ($5.52M), Other Fruits ($4.43M), and Pitted Fruits ($3.73M). Over the past 5 years the exports of Greece to Latvia have increased at an annualized rate of 14.4%,  from $27M in 2018 to $52.9M in 2023.

In 2020, Greece exported services to Latvia worth $23.8M, with Transportation ($16.1M), Construction services ($3.31M), and Travel ($2.86M) 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, Greece ranked 46 in the Economic Complexity Index (ECI 0.4), and 56 in total exports ($53.3B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Latvia exported $37.9M to Greece. The main products exported from Latvia to Greece were Hard Liquor ($6.54M), Office Machine Parts ($2.93M), and Broadcasting Equipment ($1.67M). During the last 5 years the exports of Latvia to Greece have increased at an annualized rate of 11.8%, from $21.7M in 2018 to $37.9M in 2023.

In 2018, Greece exported $52.9M to Latvia. The main products exported from Greece to Latvia were Copper Wire ($5.52M), Other Fruits ($4.43M), and Pitted Fruits ($3.73M). During the last 5 years the exports of Greece to Latvia have increased at an annualized rate of 14.4%, from $27M in 2023 to $52.9M in 2018.

Exports from Latvia (Flag) to Greece (Flag) (2023)

Exports from Greece (Flag) to Latvia (Flag) (2023)

Latest Data

Trade between Latvia (Flag) and Greece (Flag)

Latvia Exports

Greece Exports

Market Competitiveness

Color
Latvia
Top Destination
Lithuania$3.77B
Greece
Top Destination
Italy$6.21B

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

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

In 2023, countries that imported more from Greece than Latvia included Italy ($6.21B), Cyprus ($3.03B), and Bulgaria ($2.38B).

Difference in imports from Greece (Flag) and Latvia (Flag) (2023)

Comparative Advantage Latvia - Greece

Flow
Scale

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

During 2023, Latvia had a large net trade with Greece in the exports of Machines ($11M), Foodstuffs ($9.53M), and Wood Products ($3.06M).

During 2018, Greece had a large net trade with Latvia in the exports of Vegetable Products ($13M), Machines ($10.7M), and Metals ($8.17M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Latvia Greece+$3.11MPackaged Medicaments
Top Product Potential Greece Latvia+$2.54MPackaged 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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Bilateral Service Trade

In 2020, Latvia exported services to Greece worth $17.1M, with Transportation ($14.8M), Computer and information services ($1.14M), and Other business services ($1.14M) being the largest in terms of value.

In 2020, Greece exported services to Latvia worth $23.8M, with Transportation ($16.1M), Construction services ($3.31M), and Travel ($2.86M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia (Flag) to Greece (Flag) (2020)

Services Exports from Greece (Flag) to Latvia (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Latvia (Flag) and Greece (Flag) (2023)

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