Latvia-Italy Bilateral Trade Analysis 2023
Complete trade statistics: $1.24B total volume •Latvia deficit: $530.39M
Latvia → Italy
$355.62M
Exports (2023)
Italy → Latvia
$886.01M
Imports (2023)
Trade Balance
$530.39M
Deficit for Latvia
Total Trade
$1.24B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Latvia and Italy. 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-Italy commercial relationship and competitive positioning in global markets.
Latvia → Italy Exports
Export Market Intelligence
🎯 Strategic Export Focus
Latvia's export portfolio to Italy demonstrates strategic specialization, 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 representing a key competitive advantage in this bilateral market.
Italy → Latvia Imports
Import Dependency Profile
📦 Import Strategy Analysis
Latvia's import pattern from Italy reveals significant dependencyin wine: sparkling, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Latvia demonstrates competitive strength in exportingplywood: 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 to Italy, 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: Latvia-Italy Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.24 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Latvia maintains a deficit of $530.39 million
- Export Focus: Latvia's primary exports 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
- Import Dependencies: Key imports from Italy 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
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 Latvia leveraging its comparative advantages 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.
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 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 walnutcomplements Italy's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in wine: sparkling.
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 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 and wine: sparkling demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Latvia's trade deficit of $530.39 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 Latvia and Italy represents a total trade volume of $1.24 billion in 2023. This partnership demonstrates an unfavorable trade balance for Latvia, with imports exceeding exportsby $530.39 million.
Export Strengths
Latvia's exports to Italy total $355.62 million, with competitive advantages 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, representing $32.90M or9.3% of bilateral exports.
Import Dependencies
Imports from Italy amount to $886.01 million, highlighting economic interdependence in wine: sparkling, with Wine: sparkling comprising7.9% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Latvia's strategic sourcing from Italy. 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 Italy in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023