Latvia-Sweden Bilateral Trade Analysis 2023
Complete trade statistics: $1.86B total volume •Latvia surplus: $359.91M
Latvia → Sweden
$1.11B
Exports (2023)
Sweden → Latvia
$748.05M
Imports (2023)
Trade Balance
$359.91M
Surplus for Latvia
Total Trade
$1.86B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Latvia and Sweden. 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-Sweden commercial relationship and competitive positioning in global markets.
Latvia → Sweden Exports
Export Market Intelligence
🎯 Strategic Export Focus
Latvia's export portfolio to Sweden demonstrates strategic specialization, with biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals representing a key competitive advantage in this bilateral market.
Sweden → Latvia Imports
Import Dependency Profile
📦 Import Strategy Analysis
Latvia's import pattern from Sweden 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 exportingbiodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals to Sweden, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.86B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Latvia-Sweden Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.86 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Latvia maintains a surplus of $359.91 million
- Export Focus: Latvia's primary exports include biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals, wood: for fuel, in chips or particles, coniferous, whether or not agglomerated, iron or steel: structures and parts thereof, n.e.c. in heading 7308
- Import Dependencies: Key imports from Sweden include tractors: road, for semi-trailers, fish: frozen, cod (gadus morhua, gadus ogac, gadus macrocephalus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils
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 $1.86B 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 biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals.
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 biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous mineralscomplements Sweden's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in tractors: road, for semi-trailers.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.86B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.86B 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 $1.86 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals and tractors: road, for semi-trailers demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Latvia's trade surplus of $359.91 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 Sweden represents a total trade volume of $1.86 billion in 2023. This partnership demonstrates a favorable trade balance for Latvia, with exports exceeding importsby $359.91 million.
Export Strengths
Latvia's exports to Sweden total $1.11 billion, with competitive advantages in biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals, representing $54.59M or4.9% of bilateral exports.
Import Dependencies
Imports from Sweden amount to $748.05 million, highlighting economic interdependence in tractors: road, for semi-trailers, with Tractors: road, for semi-trailers comprising7.1% 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 Sweden in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023