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2023
Flag → Flag
Exports $3.15MRnk 117 / 201
2023
Flag → Flag
Top Product $1.18MIntegrated Circuits
2023
Flag → Flag
Exports $3.84MRnk 103 / 198
2023
Flag → Flag
Top Product $690kSynthetic Rubber
2023
Flag
Economic Complexity (ECI) ECI 0.64Rnk 40 / 132
2023
Flag  
GDP$437BCURRENT US$
Rnk 33 / 195
2013-2023
Flag
GDP GROWTH54%CURRENT US$
Rnk 67 / 195
2023
Flag
 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
Flag
GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
Flag
GDP PC $3,805CURRENT US$
Rnk 133 / 195
2013-2023
Flag
GDP PC GROWTH36.8%CURRENT US$
Rnk 65 / 195
2023
Flag
GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
Flag
GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

Philippines-Latvia Trade: In 2023, Philippines exported $3.15M to Latvia. The main products that Philippines exported to Latvia were Integrated Circuits ($1.18M), Rubber Tires ($990k), and Other Heating Machinery ($284k). Over the past 5 years the exports of Philippines to Latvia have increased at an annualized rate of 4.69%, from $2.5M in 2018 to $3.15M in 2023.

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

Latvia-Philippines Trade: In 2023, Latvia exported $3.84M to Philippines. The main products that Latvia exported to Philippines were Synthetic Rubber ($690k), Packaged Medicaments ($541k), and Broadcasting Equipment ($423k). Over the past 5 years the exports of Latvia to Philippines have increased at an annualized rate of 7.2%,  from $2.71M in 2018 to $3.84M in 2023.

In 2019, Latvia exported services to Philippines worth $5.6M, with Travel ($4.48M) and Transportation ($1.12M) being the largest in terms of value.

Comparison In 2023,  Philippines ranked 40 in the Economic Complexity Index (ECI 0.64),  and 42 in total exports ($101B). That same year, Latvia ranked 80 in total exports ($19.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

July, 2024

About

Overview In July 2024, Philippines exported $735 and imported $822k from Latvia, resulting in a negative trade balance of $821k. Between July 2023 and July 2024 the exports of Philippines have decreased by $-69.3k (-99%) from $70.1k to $735, while imports increased by $611k (291%) from $210k to $822k.

Trade In July 2024, the top exports of Philippines to Latvia were Coconut Oil ($1.71M), Vegetable Saps ($254k), Integrated Circuits ($25.7k), Electrical Transformers ($13.9k), and Rubber ($3.5k). In July 2024 the top imports of Philippines from Latvia were Telephones ($93.9k), Peat ($60.4k), Sawn Wood ($38.1k), Stranded Iron Wire ($10.9k), and Electrical Control Boards ($8.23k).

Growth In July 2024, the decrease in Philippines's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Coconut Oil ($-1.58M or -48%) and Aircraft parts (gliders, balloons, and powered... ($-7.86k or -82.3%). In July 2024, the increase in Philippines's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Telephones ($65.8k or 234%), Non-Knit Men's Suits ($731 or 538%), and Book-binding Machines ($405 or 109%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)$-69.3k(-99%)
IMPORT GROWTH (July 2023 - July 2024)$611k(291%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Philippines Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Philippines exported $3.15M to Latvia. The main products exported from Philippines to Latvia were Integrated Circuits ($1.18M), Rubber Tires ($990k), and Other Heating Machinery ($284k). During the last 5 years the exports of Philippines to Latvia have increased at an annualized rate of 4.69%, from $2.5M in 2018 to $3.15M in 2023.

In 2018, Latvia exported $3.84M to Philippines. The main products exported from Latvia to Philippines were Synthetic Rubber ($690k), Packaged Medicaments ($541k), and Broadcasting Equipment ($423k). During the last 5 years the exports of Latvia to Philippines have increased at an annualized rate of 7.2%, from $2.71M in 2023 to $3.84M in 2018.

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

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

Market Competitiveness

Color
Philippines
Top DestinationChina$19B
Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Philippines than Latvia included China ($19B), United States ($13.3B), and Hong Kong ($11.7B).

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

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

Comparative Advantage Philippines - Latvia

Flow
Scale

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

During 2023, Philippines had a large net trade with Latvia in the exports of Machines ($1.67M), Plastics and Rubbers ($1.02M), and Vegetable Products ($108k).

During 2018, Latvia had a large net trade with Philippines in the exports of Machines ($1.02M), Plastics and Rubbers ($718k), and Chemical Products ($598k).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Philippines Latvia+$3.49MIntegrated Circuits
Top Product Potential Latvia Philippines+$1.33MTelephones

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 2019, Latvia exported services to Philippines worth $5.6M, with Travel ($4.48M) and Transportation ($1.12M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Latvia (Flag) to Philippines (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

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

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

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