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2022
Flag → Flag
Exports $73.3MRnk 70 / 196
2022
Flag → Flag
Top Product $17.9MPackaged Medicaments
2022
Flag → Flag
Exports $64.5MRnk 40 / 194
2022
Flag → Flag
Top Product $3.95MHard Liquor
2022
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Economic Complexity (ECI) ECI 1.03Rnk 26 / 133
2022
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GDP$301BCURRENT US$
Rnk 44 / 186
2012-2022
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GDP GROWTH68.2%CURRENT US$
Rnk 30 / 186
2022
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 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
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GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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GDP PC $15,892CURRENT US$
Rnk 60 / 186
2012-2022
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GDP PC GROWTH77.9%CURRENT US$
Rnk 16 / 186
2022
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GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
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GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Romania-Latvia Trade: In 2022, Romania exported $73.3M to Latvia. The main products that Romania exported to Latvia were Packaged Medicaments ($17.9M), Rolled Tobacco ($4.94M), and Computers ($3.85M). Over the past 5 years the exports of Romania to Latvia have increased at an annualized rate of 21.2%, from $28.1M in 2017 to $73.3M in 2022.

In 2020, Romania exported services to Latvia worth $7.65M, with Transportation ($2.17M), Communications services ($1.6M), and Other business services ($1.6M) being the largest in terms of value.

Latvia-Romania Trade: In 2022, Latvia exported $64.5M to Romania. The main products that Latvia exported to Romania were Hard Liquor ($3.95M), Cheese ($3.77M), and Peat ($3.03M). Over the past 5 years the exports of Latvia to Romania have increased at an annualized rate of 20.6%,  from $25.3M in 2017 to $64.5M in 2022.

In 2020, Latvia exported services to Romania worth $4.57M, with Other business services ($3.43M) and Travel ($1.14M) being the largest in terms of value.

Comparison In 2022,  Romania ranked 26 in the Economic Complexity Index (ECI 1.03),  and 43 in total exports ($99.5B). 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, Romania exported $73.3M to Latvia. The main products exported from Romania to Latvia were Packaged Medicaments ($17.9M), Rolled Tobacco ($4.94M), and Computers ($3.85M). During the last 5 years the exports of Romania to Latvia have increased at an annualized rate of 21.2%, from $28.1M in 2017 to $73.3M in 2022.

In 2017, Latvia exported $64.5M to Romania. The main products exported from Latvia to Romania were Hard Liquor ($3.95M), Cheese ($3.77M), and Peat ($3.03M). During the last 5 years the exports of Latvia to Romania have increased at an annualized rate of 20.6%, from $25.3M in 2022 to $64.5M in 2017.

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

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

Latest Data

Trade between Romania (Flag) and Latvia (Flag)

Romania Exports

Latvia Exports

Market Competitiveness

Color
Romania
Top DestinationGermany$18.8B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Romania than Latvia included Germany ($18.8B), Italy ($9.55B), and Hungary ($6.75B).

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

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

Comparative Advantage Romania - Latvia

Flow
Scale

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

During 2022, Romania had a large net trade with Latvia in the exports of Chemical Products ($22.1M), Machines ($15.5M), and Metals ($11.4M).

During 2017, Latvia had a large net trade with Romania in the exports of Foodstuffs ($9.86M), Machines ($9.43M), and Vegetable Products ($6.68M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Romania Latvia+$2.53MCars
Top Product Potential Latvia Romania+$2.74MTelephones

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, Romania exported services to Latvia worth $7.65M, with Transportation ($2.17M), Communications services ($1.6M), and Other business services ($1.6M) being the largest in terms of value.

In 2020, Latvia exported services to Romania worth $4.57M, with Other business services ($3.43M) and Travel ($1.14M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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