Oman (OMN) and Latvia (LVA) Trade | The Observatory of Economic Complexity

About

Oman-Latvia Trade: In 2023, Oman exported $73.3k to Latvia. The main products that Oman exported to Latvia were Cars ($27.6k), Motor vehicles; parts and accessories (8701 to 8705) ($18.4k), and Peat ($6.8k). Over the past 5 years the exports of Oman to Latvia have increased at an annualized rate of 10.2%, from $45.1k in 2018 to $73.3k in 2023.

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

Latvia-Oman Trade: In 2023, Latvia exported $2.55M to Oman. The main products that Latvia exported to Oman were Computers ($692k), Peat ($524k), and Industrial Fatty Acids, Oils and Alcohols ($521k). Over the past 5 years the exports of Latvia to Oman have decreased at an annualized rate of 31.5%, from $16.9M in 2018 to $2.55M in 2023.

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

Comparison In 2023, Oman ranked 76 in the Economic Complexity Index (ECI -0.32), and 48 in total exports ($70.5B). 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, Oman exported $73.3k to Latvia. The main products exported from Oman to Latvia were Cars ($27.6k), Motor vehicles; parts and accessories (8701 to 8705) ($18.4k), and Peat ($6.8k). During the last 5 years the exports of Oman to Latvia have increased at an annualized rate of 10.2%, from $45.1k in 2018 to $73.3k in 2023.

In 2018, Latvia exported $2.55M to Oman. The main products exported from Latvia to Oman were Computers ($692k), Peat ($524k), and Industrial Fatty Acids, Oils and Alcohols ($521k). During the last 5 years the exports of Latvia to Oman have decreased at an annualized rate of 31.5%, from $16.9M in 2023 to $2.55M in 2018.

Exports from Oman () to Latvia () (2023)

Exports from Latvia () to Oman () (2023)

Latest Data

Trade between Oman () and Latvia ()

Oman Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Oman
Top DestinationChina$30.2B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Oman than Latvia included China ($30.2B), India ($4.5B), and Saudi Arabia ($3.64B).

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

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

Comparative Advantage Oman - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Oman had a large net trade with Latvia in the exports of Transportation ($46k), Mineral Products ($6.8k), and Chemical Products ($6.38k).

During 2018, Latvia had a large net trade with Oman in the exports of Machines ($776k), Chemical Products ($734k), and Mineral Products ($524k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Oman Latvia+$37.9kInsulated Wire

Top Product Potential Latvia Oman+$429kPackaged 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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Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Oman () to Latvia () (2023)

Exports from Latvia () to Oman () (2023)

Latest Data

Trade between Oman () and Latvia ()

Oman Exports

Latvia Exports

Market Competitiveness

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

Comparative Advantage Oman - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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