Latvia
↔
Belgium

Latvia-Belgium Bilateral Trade Analysis 2023

Complete trade statistics: $775.30M total volume •Latvia deficit: $252.54M

Latvia → Belgium

$261.38M

Exports (2023)

Belgium → Latvia

$513.92M

Imports (2023)

Trade Balance

$252.54M

Deficit for Latvia

Total Trade

$775.30M

Combined Volume

Trade Flow Visualization

Direct trade relationship between Latvia and Belgium. Green line shows exports from Latvia, red line shows imports.

Detailed Product Trade Analysis

Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Latvia-Belgium commercial relationship and competitive positioning in global markets.

Latvia → Belgium Exports

$261.38M
2023 Total

Export Market Intelligence

Product Diversity:
Specialized Focus
Market Share:
15.2% top product
1Vehicle parts and accessories: n.e.c. in heading no. 8708
$39.72M
15.2% of exports
2Amine-function compounds: aromatic monoamines and their derivatives, aniline and its salts
$23.41M
9.0% of exports
3Wood: of birch (Betula spp.), in the rough, whether or not stripped of bark or sapwood, or roughly squared, untreated, of which any cross-sectional dimension is 15 cm or more
$12.92M
4.9% of exports
4Oil-cake and other solid residues: whether or not ground or in the form of pellets, resulting from the extraction of sunflower seed oils
$11.71M
4.5% of exports
5Iron or steel: table, kitchen and other household articles and parts thereof, of iron or steel n.e.c. in heading no. 7323
$11.52M
4.4% of exports

🎯 Strategic Export Focus

Latvia's export portfolio to Belgium demonstrates strategic specialization, with vehicle parts and accessories: n.e.c. in heading no. 8708 representing a key competitive advantage in this bilateral market.

Belgium → Latvia Imports

$513.92M
2023 Total

Import Dependency Profile

Supply Diversity:
Concentrated
Critical Imports:
6.1% concentration
1Tractors: road, for semi-trailers
$31.20M
6.1% of imports
2Iron or non-alloy steel: primary forms (excluding ingots and iron of heading no. 7203)
$21.25M
4.1% of imports
3Beer: made from malt
$18.65M
3.6% of imports
4Meat: of swine, carcasses and half-carcasses, fresh or chilled
$14.43M
2.8% of imports
5Sports footwear: tennis shoes, basketball shoes, gym shoes, training shoes and the like, with outer soles of rubber or plastics and uppers of textile materials
$12.25M
2.4% of imports

📦 Import Strategy Analysis

Latvia's import pattern from Belgium reveals strategic sourcingin tractors: road, for semi-trailers, highlighting complementary economic structures and potential supply chain optimization opportunities.

Competitive Trade Position Analysis

🏆

Market Leadership

Latvia demonstrates competitive strength in exportingvehicle parts and accessories: n.e.c. in heading no. 8708 to Belgium, leveraging comparative advantages.

Export Leader in 5+ Categories
🔄

Trade Complementarity

The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.

Specialized Exchange
📈

Growth Potential

The $775.30M trade volume indicates substantial economic integration with room for expansion in emerging sectors.

Significant Partnership

Executive Summary: Latvia-Belgium Trade Relationship

Key Trade Highlights 2023

  • Total Trade Volume: $775.30 millionrepresenting a significant bilateral economic relationship
  • Trade Balance: Latvia maintains a deficit of $252.54 million
  • Export Focus: Latvia's primary exports include vehicle parts and accessories: n.e.c. in heading no. 8708, amine-function compounds: aromatic monoamines and their derivatives, aniline and its salts, wood: of birch (betula spp.), in the rough, whether or not stripped of bark or sapwood, or roughly squared, untreated, of which any cross-sectional dimension is 15 cm or more
  • Import Dependencies: Key imports from Belgium include tractors: road, for semi-trailers, iron or non-alloy steel: primary forms (excluding ingots and iron of heading no. 7203), beer: made from malt

Strategic Trade Indicators

Trade IntensityHigh
Export DiversificationConcentrated
Trade Balance HealthImbalanced

📈 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 $775.30M 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 Latvia leveraging its comparative advantages in vehicle parts and accessories: n.e.c. in heading no. 8708.

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

1

Comparative Advantage

Latvia's specialization in vehicle parts and accessories: n.e.c. in heading no. 8708complements Belgium's demand patterns, creating natural trade synergies.

2

Supply Chain Integration

Deep integration in global value chains has strengthened bilateral linkages, particularly in tractors: road, for semi-trailers.

3

Market Access & Trade Policy

Favorable trade agreements and market access conditions have facilitated the growth of this $775.30M bilateral relationship.

Trade Pattern Insights

Trade ComplementarityAsymmetric
Seasonal VariationsModerate
Product ConcentrationMedium
Market DependencyHigh
🔮

Trade Relationship Outlook

The $775.30M 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 $775.30 million bilateral trade volume represents a important trade relationshipfor both economies.

Economic Significance: Moderate
🏭

Industrial Integration

Trade flows in vehicle parts and accessories: n.e.c. in heading no. 8708 and tractors: road, for semi-trailers demonstrate deep industrial linkages and supply chain integration.

Supply Chain Integration: Specialized
⚖️

Trade Balance Effects

Latvia's trade deficit of $252.54 million impacts its overall economic position in this bilateral relationship.

Balance Impact: Import Dependency

Strategic Future Outlook

🚀Growth Opportunities

Emerging Sectors
Technology transfer and innovation cooperation in amine-function compounds: aromatic monoamines and their derivatives, aniline and its salts present expansion opportunities.
Market Diversification
Beyond current focus on tractors: road, for semi-trailers, new product categories offer potential for trade expansion.

⚠️Risk Factors

Supply Chain Vulnerabilities
Moderate concentration in key sectors requires monitoring
Market Competition
Global competition in vehicle parts and accessories: n.e.c. in heading no. 8708 may affect future market positioning.

🎯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 Latvia and Belgium represents a total trade volume of $775.30 million in 2023. This partnership demonstrates an unfavorable trade balance for Latvia, with imports exceeding exportsby $252.54 million.

Export Strengths

Latvia's exports to Belgium total $261.38 million, with competitive advantages in vehicle parts and accessories: n.e.c. in heading no. 8708, representing $39.72M or15.2% of bilateral exports.

Import Dependencies

Imports from Belgium amount to $513.92 million, highlighting economic interdependence in tractors: road, for semi-trailers, with Tractors: road, for semi-trailers comprising6.1% of total imports.

The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Latvia's strategic sourcing from Belgium. 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 Latvia and Belgium in multiple formats.

Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023