Latvia
ECON COMPLEXITY (2018)
0.84
RANK 36 OF 137
PRODUCT EXPORTS (2018)
$15.8B
RANK 78 OF 222
EXPORTS PER CAPITA (2018)
$8.2K
RANK 132 OF 219
PRODUCT IMPORTS (2018)
$22B
RANK 74 OF 221
IMPORTS PER CAPITA (2018)
$11.4K
RANK 132 of 219
SERVICE EXPORTS (2018)
$6.16B
RANK 39 OF 88
SERVICE IMPORTS (2018)
$3.46B
RANK 47 OF 88
GDP (2018)
$34.4B
CURRENT US$
RANK 99 OF 196
GDP GROWTH (2008-2018)
-3.5%
CURRENT US$
RANK 175 OF 196
GDP PC (2018)
$17,861
CURRENT US$
RANK 52 OF 196
GDP PC GROWTH (2008-2018)
9.06%
CURRENT US$
RANK 125 OF 196
Overview: In 2018 Latvia was the number 99 economy in the world in terms of GDP (current US$), the number 78 in total exports, the number 74 in total imports, and the number 36 most complex economy according to the Economic Complexity Index (ECI). In 2018, Latvia exported $15.8B and imported $22B, resulting in a negative trade balance of -$6.23B. In 2018, Latvia’s exports per capita were $8.2k and its imports per capita were $11.4k.
Trade: The top exports of Latvia are Sawn Wood ($867M), Broadcasting Equipment ($703M), Hard Liquor ($561M), Packaged Medicaments($501M), and Refined Petroleum ($495M). The top imports of Latvia are Refined Petroleum ($2.83B), Cars ($718M), Broadcasting Equipment($689M), Packaged Medicaments ($597M), and Planes, Helicopters, and/or Spacecraft ($549M).
Destinations: Latvia exports mostly to Lithuania ($2.25B), Estonia($1.45B), Russia ($1.32B), Sweden ($1.09B), and Germany ($1.09B), and imports mostly from Russia ($4.18B), Lithuania ($3.04B), Germany($1.97B), Poland ($1.6B), and Estonia ($1.35B).
Location: Latvia borders Belarus, Estonia, Lithuania, and Russia by land and Sweden by sea.
Exports
In 2018 Latvia exported a total of $15.8B, making it the number 78 exporter in the world. During the last five reported years the exports of Latvia have changed by $2.71B from $13.1B in 2013 to $15.8B in 2018.
The most recent exports are led by Sawn Wood ($867M), Broadcasting Equipment ($703M), Hard Liquor ($561M), Packaged Medicaments ($501M), and Refined Petroleum ($495M).
Imports
In 2018 Latvia imported $22B, making it the number 74 trade destination in the world. During the last five reported years the imports of Latvia changed by $5.12B from $16.9B in 2013 to $22B in 2018.
The most recent imports of Latvia are led by Refined Petroleum ($2.83B), Cars ($718M), Broadcasting Equipment ($689M), Packaged Medicaments ($597M), and Planes, Helicopters, and/or Spacecraft ($549M).
Trade Balance
As of 2018 Latvia had a negative trade balance of $4.03B in net imports. As compared to their trade balance in 1995 when they had a positive trade balance of $396M in net exports.
Destinations
The most common destination for the exports of Latvia are Lithuania ($2.25B), Estonia ($1.45B), Russia ($1.32B), Sweden ($1.09B), and Germany ($1.09B).
Origins
The most common import partners for Latvia are Russia ($4.18B), Lithuania ($3.04B), Germany ($1.97B), Poland ($1.6B), and Estonia ($1.35B).