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2022
Flag → Flag
Exports $29.9MRnk 114 / 215
2022
Flag → Flag
Top Product $10.1MEthers
2022
Flag → Flag
Exports $34.6MRnk 53 / 194
2022
Flag → Flag
Top Product $14MAntiknock
2022
Flag
Economic Complexity (ECI) ECI 1.68Rnk 6 / 133
2022
Flag  
GDP$467BCURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP GROWTH58.2%CURRENT US$
Rnk 42 / 186
2022
Flag
 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
Flag
GDP PC $82,808CURRENT US$
Rnk 7 / 186
2012-2022
Flag
GDP PC GROWTH49.1%CURRENT US$
Rnk 37 / 186
2022
Flag
GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Singapore-Latvia Trade: In 2022, Singapore exported $29.9M to Latvia. The main products that Singapore exported to Latvia were Ethers ($10.1M), Packaged Medicaments ($8.03M), and Vaccines, blood, antisera, toxins and cultures ($1.42M). Over the past 5 years the exports of Singapore to Latvia have increased at an annualized rate of 6.88%, from $21.5M in 2017 to $29.9M in 2022.

In 2022, Singapore did not export any services to Latvia.

Latvia-Singapore Trade: In 2022, Latvia exported $34.6M to Singapore. The main products that Latvia exported to Singapore were Antiknock ($14M), Broadcasting Equipment ($4.27M), and Insulated Wire ($3.18M). Over the past 5 years the exports of Latvia to Singapore have decreased at an annualized rate of 9.14%,  from $55.9M in 2017 to $34.6M in 2022.

In 2020, Latvia exported services to Singapore worth $34.3M, with Other business services ($19.4M), Transportation ($10.3M), and Computer and information services ($4.57M) being the largest in terms of value.

Comparison In 2022,  Singapore ranked 6 in the Economic Complexity Index (ECI 1.68),  and 21 in total exports ($379B). 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, Singapore exported $29.9M to Latvia. The main products exported from Singapore to Latvia were Ethers ($10.1M), Packaged Medicaments ($8.03M), and Vaccines, blood, antisera, toxins and cultures ($1.42M). During the last 5 years the exports of Singapore to Latvia have increased at an annualized rate of 6.88%, from $21.5M in 2017 to $29.9M in 2022.

In 2017, Latvia exported $34.6M to Singapore. The main products exported from Latvia to Singapore were Antiknock ($14M), Broadcasting Equipment ($4.27M), and Insulated Wire ($3.18M). During the last 5 years the exports of Latvia to Singapore have decreased at an annualized rate of 9.14%, from $55.9M in 2022 to $34.6M in 2017.

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

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

Latest Data

Trade between Singapore (Flag) and Latvia (Flag)

Singapore Exports

Latvia Exports

Market Competitiveness

Color
Singapore
Top DestinationHong Kong$51.6B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Singapore than Latvia included Hong Kong ($51.6B), China ($51.2B), and Malaysia ($35.9B).

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

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

Comparative Advantage Singapore - Latvia

Flow
Scale

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

During 2022, Singapore had a large net trade with Latvia in the exports of Chemical Products ($21.1M), Machines ($4.08M), and Transportation ($1.02M).

During 2017, Latvia had a large net trade with Singapore in the exports of Chemical Products ($14.7M), Machines ($11M), and Foodstuffs ($4.35M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Singapore Latvia+$4.85MPackaged Medicaments
Top Product Potential Latvia Singapore+$5MTelephones

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, Latvia exported services to Singapore worth $34.3M, with Other business services ($19.4M), Transportation ($10.3M), and Computer and information services ($4.57M) being the largest in terms of value.

Service trade data is presented based on availability.

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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