Latvia-Denmark Bilateral Trade Analysis 2023
Complete trade statistics: $1.41B total volume •Latvia surplus: $438.03M
Latvia → Denmark
$922.47M
Exports (2023)
Denmark → Latvia
$484.44M
Imports (2023)
Trade Balance
$438.03M
Surplus for Latvia
Total Trade
$1.41B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Latvia and Denmark. 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-Denmark commercial relationship and competitive positioning in global markets.
Latvia → Denmark Exports
Export Market Intelligence
🎯 Strategic Export Focus
Latvia's export portfolio to Denmark demonstrates strategic specialization, with wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets representing a key competitive advantage in this bilateral market.
Denmark → Latvia Imports
Import Dependency Profile
📦 Import Strategy Analysis
Latvia's import pattern from Denmark reveals significant dependencyin medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Latvia demonstrates competitive strength in exportingwood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets to Denmark, 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: Latvia-Denmark Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.41 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Latvia maintains a surplus of $438.03 million
- Export Focus: Latvia's primary exports 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
- Import Dependencies: Key imports from Denmark 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
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 Latvia leveraging its comparative advantages in wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets.
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
Latvia's specialization in wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pelletscomplements Denmark's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale.
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 wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets and medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Latvia's trade surplus of $438.03 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 Latvia and Denmark represents a total trade volume of $1.41 billion in 2023. This partnership demonstrates a favorable trade balance for Latvia, with exports exceeding importsby $438.03 million.
Export Strengths
Latvia's exports to Denmark total $922.47 million, with competitive advantages in wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets, representing $95.36M or10.3% of bilateral exports.
Import Dependencies
Imports from Denmark amount to $484.44 million, highlighting economic interdependence in medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale, with Medicaments: containing hormones (but not insulin), adrenal cortex hormones or antibiotics, for therapeutic or prophylactic uses, packaged for retail sale comprising7.3% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Latvia'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 Latvia and Denmark in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023