Denmark-Latvia Bilateral Trade Analysis 2023
Complete trade statistics: $1.41B total volume •Denmark deficit: $438.03M
Denmark → Latvia
$484.44M
Exports (2023)
Latvia → Denmark
$922.47M
Imports (2023)
Trade Balance
$438.03M
Deficit for Denmark
Total Trade
$1.41B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Denmark and Latvia. Green line shows exports from Denmark, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Denmark-Latvia commercial relationship and competitive positioning in global markets.
Denmark → Latvia Exports
Export Market Intelligence
🎯 Strategic Export Focus
Denmark's export portfolio to Latvia demonstrates strategic specialization, with medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale representing a key competitive advantage in this bilateral market.
Latvia → Denmark Imports
Import Dependency Profile
📦 Import Strategy Analysis
Denmark's import pattern from Latvia reveals strategic sourcingin wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Denmark demonstrates competitive strength in exportingmedicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale to Latvia, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.41B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Denmark-Latvia Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.41 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Denmark maintains a deficit of $438.03 million
- Export Focus: Denmark's primary exports include medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale, fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, meat: of swine, n.e.c. in item no. 0203.1, fresh or chilled
- Import Dependencies: Key imports from Latvia include wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets, boards, panels, consoles, desks and other bases: for electric control or the distribution of electricity, (other than switching apparatus of heading no. 8517), for a voltage not exceeding 1000 volts, iron or steel: articles n.e.c. in heading 7326
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $1.41B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Denmark leveraging its comparative advantages in medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Denmark's specialization in medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail salecomplements Latvia's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.41B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.41B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $1.41 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale and wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Denmark's trade deficit of $438.03 million impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Denmark and Latvia represents a total trade volume of $1.41 billion in 2023. This partnership demonstrates an unfavorable trade balance for Denmark, with imports exceeding exportsby $438.03 million.
Export Strengths
Denmark's exports to Latvia total $484.44 million, with competitive advantages in medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale, representing $35.48M or7.3% of bilateral exports.
Import Dependencies
Imports from Latvia amount to $922.47 million, highlighting economic interdependence in wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets, with Wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets comprising10.3% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Denmark's strategic sourcing from Latvia. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Denmark and Latvia in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023