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2022
Flag → Flag
Exports $90.1MRnk 31 / 194
2022
Flag → Flag
Top Product $11.9MRefined Petroleum
2022
Flag → Flag
Exports $242MRnk 49 / 205
2022
Flag → Flag
Top Product $61MVideo Displays
2022
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Economic Complexity (ECI) ECI 1.38Rnk 14 / 133
2022
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GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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 GDP$179BCURRENT US$
Rnk 57 / 186
2012-2022
Flag
GDP GROWTH38.8%CURRENT US$
Rnk 86 / 186
2022
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GDP PC $21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186
2022
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GDP PC$18,463CURRENT US$
Rnk 55 / 186
2012-2022
Flag
GDP PC GROWTH42.2%CURRENT US$
Rnk 44 / 186

About

Latvia-Hungary Trade: In 2022, Latvia exported $90.1M to Hungary. The main products that Latvia exported to Hungary were Refined Petroleum ($11.9M), Sawn Wood ($8.7M), and Wood Carpentry ($8.19M). Over the past 5 years the exports of Latvia to Hungary have increased at an annualized rate of 10.7%, from $54.2M in 2017 to $90.1M in 2022.

In 2020, Latvia exported services to Hungary worth $24M, with Computer and information services ($9.14M), Other business services ($6.85M), and Transportation ($5.71M) being the largest in terms of value.

Hungary-Latvia Trade: In 2022, Hungary exported $242M to Latvia. The main products that Hungary exported to Latvia were Video Displays ($61M), Low-voltage Protection Equipment ($21.9M), and Packaged Medicaments ($9.51M). Over the past 5 years the exports of Hungary to Latvia have increased at an annualized rate of 2.34%,  from $215M in 2017 to $242M in 2022.

In 2020, Hungary exported services to Latvia worth $35.6M, with Travel ($24M), Transportation ($6.17M), and Communications services ($3.66M) 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, Hungary ranked 14 in the Economic Complexity Index (ECI 1.38), and 35 in total exports ($145B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Latvia exported $90.1M to Hungary. The main products exported from Latvia to Hungary were Refined Petroleum ($11.9M), Sawn Wood ($8.7M), and Wood Carpentry ($8.19M). During the last 5 years the exports of Latvia to Hungary have increased at an annualized rate of 10.7%, from $54.2M in 2017 to $90.1M in 2022.

In 2017, Hungary exported $242M to Latvia. The main products exported from Hungary to Latvia were Video Displays ($61M), Low-voltage Protection Equipment ($21.9M), and Packaged Medicaments ($9.51M). During the last 5 years the exports of Hungary to Latvia have increased at an annualized rate of 2.34%, from $215M in 2021 to $242M in 2017.

Exports from Latvia (Flag) to Hungary (Flag) (2022)

Exports from Hungary (Flag) to Latvia (Flag) (2022)

Latest Data

Trade between Latvia (Flag) and Hungary (Flag)

Latvia Exports

Hungary Exports

Market Competitiveness

Color
Latvia
Top DestinationLithuania$4.09B
Hungary
Top DestinationGermany$35.5B

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

In 2022, countries that imported more from Latvia than Hungary included Lithuania ($4.09B), Estonia ($2.26B), and Finland ($1.06B).

In 2022, countries that imported more from Hungary than Latvia included Germany ($35.5B), Romania ($7.94B), and Italy ($8.02B).

Difference in imports from Hungary (Flag) and Latvia (Flag) (2022)

Comparative Advantage Latvia - Hungary

Flow
Scale

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

During 2022, Latvia had a large net trade with Hungary in the exports of Wood Products ($28.1M), Mineral Products ($16.5M), and Machines ($11.1M).

During 2017, Hungary had a large net trade with Latvia in the exports of Machines ($141M), Plastics and Rubbers ($19.5M), and Foodstuffs ($18.4M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Latvia Hungary+$4.44MTelephones
Top Product Potential Hungary Latvia+$6.76MPackaged 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 Hungary worth $24M, with Computer and information services ($9.14M), Other business services ($6.85M), and Transportation ($5.71M) being the largest in terms of value.

In 2020, Hungary exported services to Latvia worth $35.6M, with Travel ($24M), Transportation ($6.17M), and Communications services ($3.66M) being the largest in terms of value.

Service trade data is presented based on availability.

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

Services Exports from Hungary (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 Hungary. This means that a dot/product with the flag of Latvia indicates it has a comparative advantage over Hungary. Similarly, a dot/product with the flag of Hungary indicates it has a comparative advantage over Latvia.

Product Space of Latvia (Flag) and Hungary (Flag) (2022)

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