Saudi Arabia (SAU) and Latvia (LVA) Trade | The Observatory of Economic Complexity

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Saudi Arabia-Latvia Trade: In 2023, Saudi Arabia exported $6.8M to Latvia. The main products that Saudi Arabia exported to Latvia were Other Nitrogen Compounds ($2.22M), Video Recording Equipment ($1.04M), and Acrylic Polymers ($804k). Over the past 5 years the exports of Saudi Arabia to Latvia have increased at an annualized rate of 108%, from $174k in 2018 to $6.8M in 2023.

In 2023, Saudi Arabia did not export any services to Latvia.

Latvia-Saudi Arabia Trade: In 2023, Latvia exported $35.9M to Saudi Arabia. The main products that Latvia exported to Saudi Arabia were Peat ($6.88M), Audio Alarms ($5.95M), and Insulated Wire ($3.15M). Over the past 5 years the exports of Latvia to Saudi Arabia have decreased at an annualized rate of 27.6%, from $180M in 2018 to $35.9M in 2023.

In 2023, Latvia did not export any services to Saudi Arabia.

Comparison In 2023, Saudi Arabia ranked 36 in the Economic Complexity Index (ECI 0.76), and 26 in total exports ($300B). 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, Saudi Arabia exported $6.8M to Latvia. The main products exported from Saudi Arabia to Latvia were Other Nitrogen Compounds ($2.22M), Video Recording Equipment ($1.04M), and Acrylic Polymers ($804k). During the last 5 years the exports of Saudi Arabia to Latvia have increased at an annualized rate of 108%, from $174k in 2018 to $6.8M in 2023.

In 2018, Latvia exported $35.9M to Saudi Arabia. The main products exported from Latvia to Saudi Arabia were Peat ($6.88M), Audio Alarms ($5.95M), and Insulated Wire ($3.15M). During the last 5 years the exports of Latvia to Saudi Arabia have decreased at an annualized rate of 27.6%, from $180M in 2023 to $35.9M in 2018.

Exports from Saudi Arabia () to Latvia () (2023)

Exports from Latvia () to Saudi Arabia () (2023)

Latest Data

Trade between Saudi Arabia () and Latvia ()

Saudi Arabia Exports

Date

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Saudi Arabia
Top DestinationChina$64.4B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Saudi Arabia than Latvia included China ($64.4B), India ($34.8B), and Japan ($34.7B).

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

Difference in imports from Latvia () and Saudi Arabia () (2023)

Comparative Advantage Saudi Arabia - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Saudi Arabia had a large net trade with Latvia in the exports of Chemical Products ($2.3M), Plastics and Rubbers ($1.99M), and Machines ($1.18M).

During 2018, Latvia had a large net trade with Saudi Arabia in the exports of Machines ($12.4M), Mineral Products ($6.89M), and Chemical Products ($3.33M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Saudi Arabia Latvia+$14.6kMotor vehicles; parts and accessories (8701 to 8705)

Top Product Potential Latvia Saudi Arabia+$2.89MSawn Wood

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 Saudi Arabia and Latvia. This means that a dot/product with the flag of Saudi Arabia indicates it has a comparative advantage over Latvia. Similarly, a dot/product with the flag of Latvia indicates it has a comparative advantage over Saudi Arabia.

About

Historical Data

Bilateral Trade by Products

Exports from Saudi Arabia () to Latvia () (2023)

Exports from Latvia () to Saudi Arabia () (2023)

Latest Data

Trade between Saudi Arabia () and Latvia ()

Saudi Arabia Exports

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Saudi Arabia () (2023)

Comparative Advantage Saudi Arabia - Latvia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Saudi Arabia () and Latvia () (2023)

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