Latvia-Spain Bilateral Trade Analysis 2023
Complete trade statistics: $659.02M total volume •Latvia surplus: $36.43M
Latvia → Spain
$347.73M
Exports (2023)
Spain → Latvia
$311.29M
Imports (2023)
Trade Balance
$36.43M
Surplus for Latvia
Total Trade
$659.02M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Latvia and Spain. 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-Spain commercial relationship and competitive positioning in global markets.
Latvia → Spain Exports
Export Market Intelligence
🎯 Strategic Export Focus
Latvia's export portfolio to Spain demonstrates strategic specialization, with cereals: wheat and meslin, other than durum wheat, other than seed representing a key competitive advantage in this bilateral market.
Spain → Latvia Imports
Import Dependency Profile
📦 Import Strategy Analysis
Latvia's import pattern from Spain reveals strategic sourcingin wine: still, in containers holding 2 litres or less, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Latvia demonstrates competitive strength in exportingcereals: wheat and meslin, other than durum wheat, other than seed to Spain, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $659.02M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Latvia-Spain Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $659.02 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Latvia maintains a surplus of $36.43 million
- Export Focus: Latvia's primary exports include cereals: wheat and meslin, other than durum wheat, other than seed, cereals: maize (corn), other than seed, vehicles: break-down lorries, road-sweepers, spraying lorries, mobile workshops, mobile radiological units, and other special purpose vehicles n.e.c. in heading no. 8705
- Import Dependencies: Key imports from Spain include wine: still, in containers holding 2 litres or less, electronic integrated circuits: processors and controllers, whether or not combined with memories, converters, logic circuits, amplifiers, clock and timing circuits, or other circuits, vegetables: tomatoes, 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 $659.02M 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 cereals: wheat and meslin, other than durum wheat, other than seed.
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 cereals: wheat and meslin, other than durum wheat, other than seedcomplements Spain's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in wine: still, in containers holding 2 litres or less.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $659.02M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $659.02M 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 $659.02 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in cereals: wheat and meslin, other than durum wheat, other than seed and wine: still, in containers holding 2 litres or less demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Latvia's trade surplus of $36.43 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 Spain represents a total trade volume of $659.02 million in 2023. This partnership demonstrates a favorable trade balance for Latvia, with exports exceeding importsby $36.43 million.
Export Strengths
Latvia's exports to Spain total $347.73 million, with competitive advantages in cereals: wheat and meslin, other than durum wheat, other than seed, representing $54.73M or15.7% of bilateral exports.
Import Dependencies
Imports from Spain amount to $311.29 million, highlighting economic interdependence in wine: still, in containers holding 2 litres or less, with Wine: still, in containers holding 2 litres or less comprising3.2% 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 Spain in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023