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Latvia export Statistics

Latvia Export Data

The Republic of Latvia is another name for Latvia. The nation is located in northern Europe's Baltic region. Latvia is bordered by several nations, including Belarus, Estonia, Lithuania, and Russia. By land area, Latvia is the 25th largest country in Europe. With its around 64,589 km^2 of land area, Latvia has gained the 125th spot in the world rankings for area. With a strong and resilient economy, Latvia has emerged as a key player in the global trade market. In recent years, the country has experienced significant growth in its export sector, contributing to its overall economic development. The availability of reliable and accurate Latvia export data has played a crucial role in understanding and analyzing the export trends, identifying potential opportunities, and making informed business decisions. As per Latvia trade statistics, Latvia is the 75th biggest exporter in the world. 

According to Latvia's export data, the country exported goods worth $22.4 billion in 2023. Latvia's exports of goods declined by 10% in 2023 over the previous year. Based on Latvia shipment data for 2023, wood and articles of wood are Latvia’s biggest exports, while Lithuania is its biggest export partner. Latvia’s GDP is $43.63 billion, with a GDP export share of 64.06%. Latvia is a part of significant trading blocs such as the EU, WTO, and OECD. Let us delve into the significance of Latvia's export data and explore the key findings that can benefit businesses and policymakers alike. 

Latvia Export Data | Latvia Trade Data

75

The country has been ranked 75th in global exports, showing a significant position in the international trade landscape. 

0.1%

With a mere 0.1% share in global export trade, it becomes evident that its presence in the international export market is fairly on the rise.

LITHUANIA

Lithuania holds a significant role as the largest export partner of the country in terms of goods exports.

WOOD AND ARTICLES OF WOOD

Wood and articles of wood are the major and biggest export commodities of the country, playing a vital role in its economy. 

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Top 10 Exports of LatviaL: Latvia Export Data by HS Code

Latvia's top 10 exports showcase the diversity and competitiveness of its economy. Among its leading export commodities are wood and wood products, machinery and mechanical appliances, electrical equipment, mineral fuels, and textiles. Latvia’s top 10 exports in 2023 according to Latvia export data and Latvia trade data are: 

  • Mineral fuels and oils (HS code 27): 19.84% ($9.60 billion)
  • Vehicles (HS code 87): 11.74% ($5.68 billion)
  • Electrical machinery and equipment (HS code 85): 8.64% ($4.18 billion)
  • Nuclear reactors and machinery (HS code 84): 8.56% ($4.14 billion)
  • Plastics and articles thereof (HS code 39): 4.06% ($1.96 billion)
  • Pharmaceutical products (HS code 30): 3.67% ($1.77 billion)
  • Optical, medical, or surgical instruments (HS code 90): 2.18% ($1.05 billion)
  • Articles of iron or steel (HS code 73): 2.1% ($1.01 billion)
  • Iron and steel (HS code 72): 2.01% ($973.21 million)
  • Beverages, spirits, and vinegar (HS code 22): 1.89% ($914.53 million) 
    • Partners

    Top 10 Export Partners of Latvia: Latvia Export Data by Country

    Additionally, when it comes to export partners, Latvia has established strong economic ties with various countries. The top 10 export partners of Latvia not only reflect Latvia's geographic proximity to its Baltic neighbors but also highlight its ability to engage with major European economies. The top 10 export partners of Latvia in 2023 based on Latvia shipment data and Latvia trade records include:

    Value In Percentage(%)

  • Lithuania: 18.1% (3.67 billion US$)
  • Estonia: 11.6% (2.35 billion US$)
  • Germany: 7% (1.42 billion US$)
  • Russia: 6% (1.21 billion US$)
  • Sweden: 5.9% (1.20 billion US$)
  • United Kingdom: 4.8% (970.14 million US$)
  • Denmark: 4.2% (851.90 million US$)
  • Poland: 3.8% (796.95 million US$)
  • Finland: 3.7% (744.45 million US$)
  • Netherlands: 3% (608.50 million US$)
    • Sample Data

    Understanding Latvia Statistical Data for Exports

    We obtain trustworthy data from organizations, shipping businesses, and customs ports. This Trade Data contains a wide range of fields, such as HS codes, product descriptions, prices, quantities, origin country, destination country, and port names together with currency values. For traders and marketers, this trade data is crucial information that helps them to make informed decisions. From the HS codes and product descriptions to the quantity and cost of each product, everything can be obtained through this trade data. We have included a sample of this trade data for your convenience and greater understanding so that you can see what the trade data looks like as a whole, with complete details.

    Latvia export data which comes under the statistical database reports, provides comprehensive information about the country's export activities, including the type of goods and services exported, their respective quantities, values, destinations, and origins. This data is generated and compiled by various government agencies, trade associations, and international organizations, ensuring its accuracy and reliability. By analyzing this data, businesses can gain valuable insights into the country's export dynamics, identify emerging trends, and make strategic decisions to enhance their global competitiveness. According to Latvia statistical data for exports, Latvia exported goods worth $22.4 billion in 2023. For traders and marketers, this statistical export data is crucial information that helps them make informed decisions. We obtain trustworthy data from organizations, shipping businesses, government authorities, and customs ports. For traders and marketers, this statistical trade data is crucial information that helps them make informed decisions. Everything can be obtained through this shipment data from the HS codes and product descriptions to the quantity and cost of each product. We have included a sample of the trade data for your convenience and greater understanding so that you can see what the trade data looks like as a whole, with complete details. So, as you can see, in this statistical report, we also include the number of goods needed to be imported/exported, HS codes, the product description, quantity, and price of each product from the country's shipment data. In this comprehensive statistical database, we ensure that every detail is meticulously recorded, which makes this trade data efficient for businesses worldwide. 

    Latvia Export Data
    ID 21798 MONTH Jul-24
    FLOW Export STAT REGIME Normal
    HS CODE 01022110 PRODUCT DESCRIPTION Pure-bred breeding heifers "female bovines that have never calved"
    EXPORTER COUNTRY Latvia DESTINATION COUNTRY Russian Federation
    TRADE TYPE Extra-EU Trade SUP QUANTITY 228
    SUPP UNIT NUMBER OF ITEMS NET WEIGHT 124000
    US FOB 469675 VALUE IN EUROS 433200
    Benefits

    Benefits of Latvia Export Data

  • Produce leads through the export market in Latvia.
  • Determine Latvia's product demand.
  • Get insights into Latvia’s export trends.
  • Create a compelling marketing plan using data.
  • Get access to export activities of the nation.
  • Find profitable opportunities in Latvia's export sector.

    • Frequently Asked Questions!!

    Based on Latvia trade records for 2023, Latvia's main export product is wood and articles of wood.

    Based on Latvia trade activities, The top destinations for Latvia's exports include Germany, Lithuania, Estonia, Russia, and Sweden.

    According to Latvia trade statistics, in 2023, Latvia's total exports amounted to $22.4 billion.

    Latvia's exports saw a decline of 10.7% in 2023, compared to the previous year.

    Apart from machinery and mechanical appliances, Latvia's other major export products include wood and wood products, food and beverages, and mineral fuels.

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