Latvia (LVA) and Italy (ITA) Trade | The Observatory of Economic Complexity

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Latvia-Italy Trade: In 2023, Latvia exported $350M to Italy. The main products that Latvia exported to Italy were Plywood ($35M), Peat ($32.6M), and Pig Iron ($24M). Over the past 5 years the exports of Latvia to Italy have increased at an annualized rate of 13.7%, from $185M in 2018 to $350M in 2023.

In 2020, Latvia exported services to Italy worth $89.1M, with Transportation ($68.5M), Computer and information services ($9.14M), and Other business services ($6.85M) being the largest in terms of value.

Italy-Latvia Trade: In 2023, Italy exported $874M to Latvia. The main products that Italy exported to Latvia were Wine ($93.4M), Vermouth ($43.9M), and Hard Liquor ($29.6M). Over the past 5 years the exports of Italy to Latvia have increased at an annualized rate of 11.6%, from $505M in 2018 to $874M in 2023.

In 2020, Italy exported services to Latvia worth $50.3M, with Travel ($21.8M), Transportation ($11.9M), and Other business services ($10.4M) 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, Italy ranked 18 in the Economic Complexity Index (ECI 1.29), and 6 in total exports ($638B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Latvia exported $350M to Italy. The main products exported from Latvia to Italy were Plywood ($35M), Peat ($32.6M), and Pig Iron ($24M). During the last 5 years the exports of Latvia to Italy have increased at an annualized rate of 13.7%, from $185M in 2018 to $350M in 2023.

In 2018, Italy exported $874M to Latvia. The main products exported from Italy to Latvia were Wine ($93.4M), Vermouth ($43.9M), and Hard Liquor ($29.6M). During the last 5 years the exports of Italy to Latvia have increased at an annualized rate of 11.6%, from $505M in 2023 to $874M in 2018.

Exports from Latvia () to Italy () (2023)

Exports from Italy () to Latvia () (2023)

Latest Data

Trade between Latvia () and Italy ()

Latvia Exports

Date

Italy Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Latvia
Top DestinationLithuania$3.77B

Italy
Top DestinationGermany$71.4B

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

In 2023, countries that imported more from Latvia than Italy included Lithuania ($3.77B), Estonia ($1.26B), and Gambia ($7.6M).

In 2023, countries that imported more from Italy than Latvia included Germany ($71.4B), United States ($70.9B), and France ($61.1B).

Difference in imports from Italy () and Latvia () (2023)

Comparative Advantage Latvia - Italy

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Latvia had a large net trade with Italy in the exports of Wood Products ($87.2M), Transportation ($41.9M), and Mineral Products ($41M).

During 2018, Italy had a large net trade with Latvia in the exports of Foodstuffs ($218M), Machines ($169M), and Textiles ($100M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Latvia Italy+$13.3MTelephones

Top Product Potential Italy Latvia+$9.37MMotor vehicles; parts and accessories (8701 to 8705)

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

Ita Year

Lva Year

In 2020, Latvia exported services to Italy worth $89.1M, with Transportation ($68.5M), Computer and information services ($9.14M), and Other business services ($6.85M) being the largest in terms of value.

In 2020, Italy exported services to Latvia worth $50.3M, with Travel ($21.8M), Transportation ($11.9M), and Other business services ($10.4M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia () to Italy () (2020)

Services Exports from Italy () to Latvia () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Latvia () to Italy () (2023)

Exports from Italy () to Latvia () (2023)

Latest Data

Trade between Latvia () and Italy ()

Latvia Exports

Italy Exports

Market Competitiveness

Difference in imports from Italy () and Latvia () (2023)

Comparative Advantage Latvia - Italy

Potential Exports

Potential Exports

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Bilateral Service Trade

Services Exports from Latvia () to Italy () (2020)

Services Exports from Italy () to Latvia () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Product Space of Latvia () and Italy () (2023)

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