Madagascar (MDG) and Latvia (LVA) Trade | The Observatory of Economic Complexity

About

Madagascar-Latvia Trade: In 2023, Madagascar exported $358k to Latvia. The main products that Madagascar exported to Latvia were Cloves ($356k), Precious Stones ($1.31k), and Non-Knit Men's Shirts ($617). Over the past 5 years the exports of Madagascar to Latvia have decreased at an annualized rate of 0.47%, from $367k in 2018 to $358k in 2023.

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

Latvia-Madagascar Trade: In 2023, Latvia exported $10.7M to Madagascar. The main products that Latvia exported to Madagascar were Wheat ($7.67M), Non-Retail Synthetic Filament Yarn ($2.37M), and Broadcasting Equipment ($572k). Over the past 5 years the exports of Latvia to Madagascar have increased at an annualized rate of 54.1%, from $1.23M in 2018 to $10.7M in 2023.

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

Comparison In 2023, Madagascar ranked 117 in the Economic Complexity Index (ECI -1.15), and 133 in total exports ($4.3B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Madagascar exported $358k to Latvia. The main products exported from Madagascar to Latvia were Cloves ($356k), Precious Stones ($1.31k), and Non-Knit Men's Shirts ($617). During the last 5 years the exports of Madagascar to Latvia have decreased at an annualized rate of 0.47%, from $367k in 2018 to $358k in 2023.

In 2018, Latvia exported $10.7M to Madagascar. The main products exported from Latvia to Madagascar were Wheat ($7.67M), Non-Retail Synthetic Filament Yarn ($2.37M), and Broadcasting Equipment ($572k). During the last 5 years the exports of Latvia to Madagascar have increased at an annualized rate of 54.1%, from $1.23M in 2023 to $10.7M in 2018.

Exports from Madagascar () to Latvia () (2023)

Exports from Latvia () to Madagascar () (2023)

Latest Data

Trade between Madagascar () and Latvia ()

Madagascar Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Madagascar
Top DestinationUnited States$669M

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Madagascar than Latvia included Japan ($345M), South Korea ($271M), and France ($641M).

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

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

Comparative Advantage Madagascar - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Madagascar had a large net trade with Latvia in the exports of Vegetable Products ($356k), Precious Metals ($1.31k), and Textiles ($617).

During 2018, Latvia had a large net trade with Madagascar in the exports of Vegetable Products ($7.67M), Textiles ($2.37M), and Machines ($597k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Madagascar Latvia+$10.3kPacking Bags

Top Product Potential Latvia Madagascar+$343kTelephones

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

About

Historical Data

Bilateral Trade by Products

Exports from Madagascar () to Latvia () (2023)

Exports from Latvia () to Madagascar () (2023)

Latest Data

Trade between Madagascar () and Latvia ()

Madagascar Exports

Latvia Exports

Market Competitiveness

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

Comparative Advantage Madagascar - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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