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2023
Flag → Flag
Exports $141MRnk 55 / 205
2023
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Top Product $28.3MRough Wood
2023
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Exports $442MRnk 14 / 198
2023
Flag → Flag
Top Product $57.3MIron Structures
2023
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Economic Complexity (ECI) ECI 0.47Rnk 44 / 132
2023
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GDP$485BCURRENT US$
Rnk 31 / 195
2013-2023
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GDP GROWTH-7.74%CURRENT US$
Rnk 180 / 195
2023
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 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
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GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
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GDP PC $87,925CURRENT US$
Rnk 7 / 195
2013-2023
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GDP PC GROWTH-15.1%CURRENT US$
Rnk 171 / 195
2023
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GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
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GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

Norway-Latvia Trade: In 2023, Norway exported $141M to Latvia. The main products that Norway exported to Latvia were Rough Wood ($28.3M), Refined Petroleum ($26M), and Cars ($8.13M). Over the past 5 years the exports of Norway to Latvia have increased at an annualized rate of 10.3%, from $86.2M in 2018 to $141M in 2023.

In 2009, Norway exported services to Latvia worth $15.5M, with Travel ($8.15M), Other business services ($4M), and Communications services ($3.36M) being the largest in terms of value.

Latvia-Norway Trade: In 2023, Latvia exported $442M to Norway. The main products that Latvia exported to Norway were Iron Structures ($57.3M), Other Vegetable Residues ($25.3M), and Prefabricated Buildings ($23.1M). Over the past 5 years the exports of Latvia to Norway have increased at an annualized rate of 2.67%,  from $387M in 2018 to $442M in 2023.

In 2020, Latvia exported services to Norway worth $172M, with Transportation ($60.5M), Computer and information services ($32M), and Other business services ($29.7M) being the largest in terms of value.

Comparison In 2023,  Norway ranked 44 in the Economic Complexity Index (ECI 0.47),  and 33 in total exports ($187B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

December, 2024

About

Overview In December 2024, Norway exported NOK603M and imported NOK305M from Latvia, resulting in a positive trade balance of NOK298M. Between December 2023 and December 2024 the exports of Norway have increased by NOK439M (267%) from NOK165M to NOK603M, while imports decreased by NOK-36M (-10.6%) from NOK341M to NOK305M.

Trade In December 2024, the top exports of Norway to Latvia were Fish (not marine mammals), crustaceans, molluscs... (NOK74.1M), Iron and steel (NOK9.35M), Road vehicles (including air-cushion vehicles) (NOK9.33M), General industrial machinery and equipment, n.e.s.,... (NOK9.19M), and Cork and wood (NOK6.66M). In December 2024 the top imports of Norway from Latvia were Manufactures of metals, n.e.s. (NOK59.9M), Cork and wood manufactures (excluding furniture) (NOK50.2M), Cereals and cereal preparations (NOK45.7M), Cork and wood (NOK42.7M), and Miscellaneous manufactured articles, n.e.s. (NOK35.9M).

Growth In December 2024, the increase in Norway's year-by-year exports to Latvia was explained primarily by an increase in product exports in Fish (not marine mammals), crustaceans, molluscs... (NOK14.7M or 24.8%), Iron and steel (NOK7.28M or 351%), and General industrial machinery and equipment, n.e.s.,... (NOK5.11M or 125%). In December 2024, the decrease in Norway's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Vegetables and fruit (NOK-32.8M or -99.3%), Manufactures of metals, n.e.s. (NOK-28.4M or -32.2%), and Miscellaneous manufactured articles, n.e.s. (NOK-11M or -23.5%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (December 2023 - December 2024)NOK439M(267%)
IMPORT GROWTH (December 2023 - December 2024)NOK-36M(-10.6%)

This section shows exports and imports data at subnational level for Norway. Click any date in the line plot or any product to explore the exports or imports behavior of Norway over time.

To check Latvia and Norway trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Latvia and Norway Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Norway exported $141M to Latvia. The main products exported from Norway to Latvia were Rough Wood ($28.3M), Refined Petroleum ($26M), and Cars ($8.13M). During the last 5 years the exports of Norway to Latvia have increased at an annualized rate of 10.3%, from $86.2M in 2018 to $141M in 2023.

In 2018, Latvia exported $442M to Norway. The main products exported from Latvia to Norway were Iron Structures ($57.3M), Other Vegetable Residues ($25.3M), and Prefabricated Buildings ($23.1M). During the last 5 years the exports of Latvia to Norway have increased at an annualized rate of 2.67%, from $387M in 2023 to $442M in 2018.

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

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

Market Competitiveness

Color
Norway
Top DestinationGermany$33.8B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Norway than Latvia included Germany ($33.8B), United Kingdom ($32.6B), and Sweden ($15.9B).

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

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

Comparative Advantage Norway - Latvia

Flow
Scale

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

During 2023, Norway had a large net trade with Latvia in the exports of Wood Products ($36.5M), Mineral Products ($35.8M), and Machines ($17.8M).

During 2018, Latvia had a large net trade with Norway in the exports of Metals ($89.3M), Wood Products ($79.4M), and Foodstuffs ($48.8M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Norway Latvia+$3.07MNon-fillet Fresh Fish
Top Product Potential Latvia Norway+$3.26MOther Furniture

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 2009, Norway exported services to Latvia worth $15.5M, with Travel ($8.15M), Other business services ($4M), and Communications services ($3.36M) being the largest in terms of value.

In 2020, Latvia exported services to Norway worth $172M, with Transportation ($60.5M), Computer and information services ($32M), and Other business services ($29.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Norway (Flag) to Latvia (Flag) (2009)

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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