Latvia (LVA) and Somalia (SOM) Trade | The Observatory of Economic Complexity

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Latvia-Somalia Trade: In 2023, Latvia exported $242k to Somalia. The main products that Latvia exported to Somalia were Other Measuring Instruments ($145k), Microscopes ($67.1k), and LCDs ($13.6k). Over the past 6 years the exports of Latvia to Somalia have decreased at an annualized rate of 3.5%, from $299k in 2017 to $242k in 2023.

In 2023, Latvia did not export any services to Somalia.

Somalia-Latvia In N/A, Somalia did not export any products to Latvia.

In 2023, Somalia did not export any services to Latvia.

Comparison In 2023, Latvia ranked 80 in total exports ($19.9B). That same year, Somalia ranked 161 in total exports ($1.03B). Both countries does not have data related to Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Latvia exported $242k to Somalia. The main products exported from Latvia to Somalia were Other Measuring Instruments ($145k), Microscopes ($67.1k), and LCDs ($13.6k). During the last 6 years the exports of Latvia to Somalia have decreased at an annualized rate of 3.5%, from $299k in 2017 to $242k in 2023.

Somalia does not register exports to Latvia. The main products exported from Somalia to Latvia were Essential Oils ($117).

Exports from Latvia () to Somalia () (2023)

Exports from Somalia () to Latvia () (2023)

Latest Data

Trade between Latvia () and Somalia ()

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Latvia
Top DestinationLithuania$3.77B

Somalia
Top DestinationUnited Arab Emirates$360M

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

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

In 2023, countries that imported more from Somalia than Latvia included United Arab Emirates ($360M), Saudi Arabia ($283M), and Oman ($180M).

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

Comparative Advantage Latvia - Somalia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Latvia had a large net trade with Somalia in the exports of Instruments ($226k) and Machines ($16k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Latvia Somalia+$2.18kTelephones

Top Product Potential Somalia Latvia+$2.19kGold

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

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Historical Data

Bilateral Trade by Products

Exports from Latvia () to Somalia () (2023)

Exports from Somalia () to Latvia () (2023)

Latest Data

Trade between Latvia () and Somalia ()

Latvia Exports

Market Competitiveness

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

Comparative Advantage Latvia - Somalia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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