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2022
Flag → Flag
Exports $48MRnk 112 / 218
2022
Flag → Flag
Top Product $15MRubber
2022
Flag → Flag
Exports $24.1MRnk 61 / 194
2022
Flag → Flag
Top Product $4.45MWheat Flours
2022
Flag
Economic Complexity (ECI) ECI 0.96Rnk 29 / 133
2022
Flag  
GDP$495BCURRENT US$
Rnk 29 / 186
2012-2022
Flag
GDP GROWTH24.6%CURRENT US$
Rnk 111 / 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 $6,909CURRENT US$
Rnk 93 / 186
2012-2022
Flag
GDP PC GROWTH20.2%CURRENT US$
Rnk 87 / 186
2022
Flag
GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Thailand-Latvia Trade: In 2022, Thailand exported $48M to Latvia. The main products that Thailand exported to Latvia were Rubber ($15M), Rubber Tires ($8M), and Office Machine Parts ($4.23M). Over the past 5 years the exports of Thailand to Latvia have increased at an annualized rate of 0.17%, from $47.5M in 2017 to $48M in 2022.

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

Latvia-Thailand Trade: In 2022, Latvia exported $24.1M to Thailand. The main products that Latvia exported to Thailand were Wheat Flours ($4.45M), Broadcasting Equipment ($3.73M), and Broadcasting Accessories ($2.4M). Over the past 5 years the exports of Latvia to Thailand have increased at an annualized rate of 12%,  from $13.6M in 2017 to $24.1M in 2022.

In 2017, Latvia exported services to Thailand worth $1.13M, with Personal, cultural, and recreational services ($1.13M) being the largest in terms of value.

Comparison In 2022,  Thailand ranked 29 in the Economic Complexity Index (ECI 0.96),  and 27 in total exports ($312B). 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, Thailand exported $48M to Latvia. The main products exported from Thailand to Latvia were Rubber ($15M), Rubber Tires ($8M), and Office Machine Parts ($4.23M). During the last 5 years the exports of Thailand to Latvia have increased at an annualized rate of 0.17%, from $47.5M in 2017 to $48M in 2022.

In 2017, Latvia exported $24.1M to Thailand. The main products exported from Latvia to Thailand were Wheat Flours ($4.45M), Broadcasting Equipment ($3.73M), and Broadcasting Accessories ($2.4M). During the last 5 years the exports of Latvia to Thailand have increased at an annualized rate of 12%, from $13.6M in 2022 to $24.1M in 2017.

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

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

Latest Data

Trade between Thailand (Flag) and Latvia (Flag)

Thailand Exports

Latvia Exports

Market Competitiveness

Color
Thailand
Top DestinationUnited States$53.4B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Thailand than Latvia included United States ($53.4B), China ($35.3B), and Japan ($24.6B).

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

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

Comparative Advantage Thailand - Latvia

Flow
Scale

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

During 2022, Thailand had a large net trade with Latvia in the exports of Plastics and Rubbers ($23.5M), Machines ($9.35M), and Foodstuffs ($4.3M).

During 2017, Latvia had a large net trade with Thailand in the exports of Machines ($8.92M), Vegetable Products ($4.54M), and Plastics and Rubbers ($2.39M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Thailand Latvia+$6.86MComputers
Top Product Potential Latvia Thailand+$5.25MTelephones

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

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

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

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