Vietnam (VNM) and Latvia (LVA) Trade | The Observatory of Economic Complexity

About

Vietnam-Latvia Trade: In 2023, Vietnam exported $272M to Latvia. The main products that Vietnam exported to Latvia were Broadcasting Equipment ($216M), Coated Flat-Rolled Iron ($14.1M), and Computers ($11.1M). Over the past 5 years the exports of Vietnam to Latvia have increased at an annualized rate of 10.5%, from $165M in 2018 to $272M in 2023.

In 2023, Vietnam did not export any services to Latvia.

Latvia-Vietnam Trade: In 2023, Latvia exported $26.2M to Vietnam. The main products that Latvia exported to Vietnam were Integrated Circuits ($7.78M), Veneer Sheets ($5M), and Broadcasting Equipment ($2.33M). Over the past 5 years the exports of Latvia to Vietnam have increased at an annualized rate of 13.5%, from $13.9M in 2018 to $26.2M in 2023.

In 2023, Latvia did not export any services to Vietnam.

Comparison In 2023, Vietnam ranked 60 in the Economic Complexity Index (ECI 0.067), and 15 in total exports ($424B). 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, Vietnam exported $272M to Latvia. The main products exported from Vietnam to Latvia were Broadcasting Equipment ($216M), Coated Flat-Rolled Iron ($14.1M), and Computers ($11.1M). During the last 5 years the exports of Vietnam to Latvia have increased at an annualized rate of 10.5%, from $165M in 2018 to $272M in 2023.

In 2018, Latvia exported $26.2M to Vietnam. The main products exported from Latvia to Vietnam were Integrated Circuits ($7.78M), Veneer Sheets ($5M), and Broadcasting Equipment ($2.33M). During the last 5 years the exports of Latvia to Vietnam have increased at an annualized rate of 13.5%, from $13.9M in 2023 to $26.2M in 2018.

Exports from Vietnam () to Latvia () (2023)

Exports from Latvia () to Vietnam () (2023)

Latest Data

Trade between Vietnam () and Latvia ()

Latvia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Vietnam
Top DestinationUnited States$118B

Latvia
Top DestinationLithuania$3.77B

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

In 2023, countries that imported more from Vietnam than Latvia included United States ($118B), China ($85.7B), and Japan ($25.1B).

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

Difference in imports from Latvia () and Vietnam () (2023)

Comparative Advantage Vietnam - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Vietnam had a large net trade with Latvia in the exports of Machines ($234M), Metals ($15.3M), and Plastics and Rubbers ($10.9M).

During 2018, Latvia had a large net trade with Vietnam in the exports of Machines ($11.5M), Wood Products ($8.2M), and Chemical Products ($3.31M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Vietnam Latvia+$8.32MComputers

Top Product Potential Latvia Vietnam+$4.13MTelephones

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.

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Vietnam () to Latvia () (2023)

Exports from Latvia () to Vietnam () (2023)

Latest Data

Trade between Vietnam () and Latvia ()

Latvia Exports

Market Competitiveness

Difference in imports from Latvia () and Vietnam () (2023)

Comparative Advantage Vietnam - Latvia

Potential Exports

Potential Exports

Subscribe today to OEC pro and access the latest data

Subscribe today to OEC pro and access the latest data

Economic Complexity

Competitive Landscape

Product Space of Vietnam () and Latvia () (2023)

Keep Exploring