Italy-Latvia Bilateral Trade Analysis 2023
Complete trade statistics: $1.24B total volume •Italy surplus: $530.39M
Italy → Latvia
$886.01M
Exports (2023)
Latvia → Italy
$355.62M
Imports (2023)
Trade Balance
$530.39M
Surplus for Italy
Total Trade
$1.24B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Italy and Latvia. Green line shows exports from Italy, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Italy-Latvia commercial relationship and competitive positioning in global markets.
Italy → Latvia Exports
Export Market Intelligence
🎯 Strategic Export Focus
Italy's export portfolio to Latvia demonstrates strategic specialization, with wine: sparkling representing a key competitive advantage in this bilateral market.
Latvia → Italy Imports
Import Dependency Profile
📦 Import Strategy Analysis
Italy's import pattern from Latvia reveals significant dependencyin plywood: with sheets of wood only: not bamboo: each ply 6mm or less, with at least one outer ply of alder, ash, beech, birch, cherry, chestnut, elm, eucalyptus, hickory, horse chestnut, lime, maple, oak, plane, poplar, aspen, robinia, tulipwood or walnut, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Italy demonstrates competitive strength in exportingwine: sparkling to Latvia, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.24B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Italy-Latvia Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.24 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Italy maintains a surplus of $530.39 million
- Export Focus: Italy's primary exports include wine: sparkling, vermouth and other wine of fresh grapes, flavoured with plants or aromatic substances, in containers holding 2 litres or less, wine: still, in containers holding 2 litres or less
- Import Dependencies: Key imports from Latvia include plywood: with sheets of wood only: not bamboo: each ply 6mm or less, with at least one outer ply of alder, ash, beech, birch, cherry, chestnut, elm, eucalyptus, hickory, horse chestnut, lime, maple, oak, plane, poplar, aspen, robinia, tulipwood or walnut, peat: (including peat litter), whether or not agglomerated, iron: non-alloy pig iron containing by weight 0.5% or less of phosphorus, in pigs, blocks or other primary forms
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 $1.24B 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 Italy leveraging its comparative advantages in wine: sparkling.
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
Italy's specialization in wine: sparklingcomplements Latvia's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in plywood: with sheets of wood only: not bamboo: each ply 6mm or less, with at least one outer ply of alder, ash, beech, birch, cherry, chestnut, elm, eucalyptus, hickory, horse chestnut, lime, maple, oak, plane, poplar, aspen, robinia, tulipwood or walnut.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.24B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.24B 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 $1.24 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in wine: sparkling and plywood: with sheets of wood only: not bamboo: each ply 6mm or less, with at least one outer ply of alder, ash, beech, birch, cherry, chestnut, elm, eucalyptus, hickory, horse chestnut, lime, maple, oak, plane, poplar, aspen, robinia, tulipwood or walnut demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Italy's trade surplus of $530.39 million strengthens 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 Italy and Latvia represents a total trade volume of $1.24 billion in 2023. This partnership demonstrates a favorable trade balance for Italy, with exports exceeding importsby $530.39 million.
Export Strengths
Italy's exports to Latvia total $886.01 million, with competitive advantages in wine: sparkling, representing $69.86M or7.9% of bilateral exports.
Import Dependencies
Imports from Latvia amount to $355.62 million, highlighting economic interdependence in plywood: with sheets of wood only: not bamboo: each ply 6mm or less, with at least one outer ply of alder, ash, beech, birch, cherry, chestnut, elm, eucalyptus, hickory, horse chestnut, lime, maple, oak, plane, poplar, aspen, robinia, tulipwood or walnut, with Plywood: with sheets of wood only: not bamboo: each ply 6mm or less, with at least one outer ply of alder, ash, beech, birch, cherry, chestnut, elm, eucalyptus, hickory, horse chestnut, lime, maple, oak, plane, poplar, aspen, robinia, tulipwood or walnut comprising9.3% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Italy's competitive position in this bilateral relationship. 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 Italy and Latvia in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023