2022
Flag  
GDP
$252BCURRENT US$
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2012-2022
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GDP GROWTH
16.5%CURRENT US$
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2022
Flag
 GDP
$41.2BCURRENT US$
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2012-2022
Flag
GDP GROWTH
46.1%CURRENT US$
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2022
Flag
GDP PC 
$24,275CURRENT US$
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2012-2022
Flag
GDP PC GROWTH
18%CURRENT US$
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2022
Flag
GDP PC
$21,851CURRENT US$
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2012-2022
Flag
GDP PC GROWTH
57.8%CURRENT US$
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About

Portugal-Latvia Trade: In 2022, Portugal exported $68.9M to Latvia. The main products that Portugal exported to Latvia were Cars ($18.8M), Uncoated Paper ($7.35M), and Wine ($6.24M). Over the past 5 years the exports of Portugal to Latvia have increased at an annualized rate of 15.8%, from $33.1M in 2017 to $68.9M in 2022.

In 2020, Portugal exported services to Latvia worth $3.43M, with Travel ($3.43M) being the largest in terms of value.

Latvia-Portugal Trade: In 2022, Latvia exported $46.2M to Portugal. The main products that Latvia exported to Portugal were Wheat ($6.23M), Corn ($5.74M), and Starch Residue ($4.67M). Over the past 5 years the exports of Latvia to Portugal have increased at an annualized rate of 12.5%,  from $25.7M in 2017 to $46.2M in 2022.

In 2020, Latvia exported services to Portugal worth $2.28M, with Travel ($1.14M) and Computer and information services ($1.14M) being the largest in terms of value.

Comparison In 2022,  Portugal ranked 42 in the Economic Complexity Index (ECI 0.57),  and 48 in total exports ($81.7B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Portugal exported $68.9M to Latvia. The main products exported from Portugal to Latvia were Cars ($18.8M), Uncoated Paper ($7.35M), and Wine ($6.24M). During the last 5 years the exports of Portugal to Latvia have increased at an annualized rate of 15.8%, from $33.1M in 2017 to $68.9M in 2022.

In 2017, Latvia exported $46.2M to Portugal. The main products exported from Latvia to Portugal were Wheat ($6.23M), Corn ($5.74M), and Starch Residue ($4.67M). During the last 5 years the exports of Latvia to Portugal have increased at an annualized rate of 12.5%, from $25.7M in 2022 to $46.2M in 2017.

Exports from Portugal (Flag) to Latvia (Flag) (2022)

Exports from Latvia (Flag) to Portugal (Flag) (2022)

Market Competitiveness

Color
Portugal
Top Destination
Spain$20.5B
Latvia
Top Destination
Lithuania$4.09B

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

In 2022, countries that imported more from Portugal than Latvia included Spain ($20.5B), France ($9.49B), and Germany ($8.76B).

In 2022, countries that imported more from Latvia than Portugal included Lithuania ($4.09B), Estonia ($2.26B), and Russia ($1.26B).

Difference in imports from Latvia (Flag) and Portugal (Flag) (2022)

Comparative Advantage Portugal - Latvia

Flow
Scale

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

During 2022, Portugal had a large net trade with Latvia in the exports of Transportation ($19.7M), Machines ($10.1M), and Foodstuffs ($8.84M).

During 2017, Latvia had a large net trade with Portugal in the exports of Vegetable Products ($12.2M), Foodstuffs ($6.34M), and Machines ($5.29M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Portugal Latvia+$3.77MCars
Top Product Potential Latvia Portugal+$3.15MWheat

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 2020, Portugal exported services to Latvia worth $3.43M, with Travel ($3.43M) being the largest in terms of value.

In 2020, Latvia exported services to Portugal worth $2.28M, with Travel ($1.14M) and Computer and information services ($1.14M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Portugal (Flag) and Latvia (Flag) (2022)

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