Latvia-Türkiye Bilateral Trade Analysis 2023
Complete trade statistics: $710.55M total volume •Latvia deficit: $182.68M
Latvia → Türkiye
$263.94M
Exports (2023)
Türkiye → Latvia
$446.61M
Imports (2023)
Trade Balance
$182.68M
Deficit for Latvia
Total Trade
$710.55M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Latvia and Türkiye. 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-Türkiye commercial relationship and competitive positioning in global markets.
Latvia → Türkiye Exports
Export Market Intelligence
🎯 Strategic Export Focus
Latvia's export portfolio to Türkiye demonstrates strategic specialization, with ferrous waste and scrap: n.e.c. in heading no. 7204 representing a key competitive advantage in this bilateral market.
Türkiye → Latvia Imports
Import Dependency Profile
📦 Import Strategy Analysis
Latvia's import pattern from Türkiye reveals strategic sourcingin aromatic hydrocarbon mixtures: n.e.c. in heading no. 2707, of which 65% or more by volume (including losses) distils at 250 degrees celsius by the iso 3405 method (equivalent to the astm d 86 method), highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Latvia demonstrates competitive strength in exportingferrous waste and scrap: n.e.c. in heading no. 7204 to Türkiye, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $710.55M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Latvia-Türkiye Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $710.55 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Latvia maintains a deficit of $182.68 million
- Export Focus: Latvia's primary exports include ferrous waste and scrap: n.e.c. in heading no. 7204, 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, electric motors: ac motors, single-phase
- Import Dependencies: Key imports from Türkiye include aromatic hydrocarbon mixtures: n.e.c. in heading no. 2707, of which 65% or more by volume (including losses) distils at 250 degrees celsius by the iso 3405 method (equivalent to the astm d 86 method), jewellery: of precious metal (excluding silver) whether or not plated or clad with precious metal, and parts thereof, oil seeds: poppy seeds, whether or not broken
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 $710.55M 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 ferrous waste and scrap: n.e.c. in heading no. 7204.
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 ferrous waste and scrap: n.e.c. in heading no. 7204complements Türkiye's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in aromatic hydrocarbon mixtures: n.e.c. in heading no. 2707, of which 65% or more by volume (including losses) distils at 250 degrees celsius by the iso 3405 method (equivalent to the astm d 86 method).
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $710.55M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $710.55M 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 $710.55 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in ferrous waste and scrap: n.e.c. in heading no. 7204 and aromatic hydrocarbon mixtures: n.e.c. in heading no. 2707, of which 65% or more by volume (including losses) distils at 250 degrees celsius by the iso 3405 method (equivalent to the astm d 86 method) demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Latvia's trade deficit of $182.68 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 Türkiye represents a total trade volume of $710.55 million in 2023. This partnership demonstrates an unfavorable trade balance for Latvia, with imports exceeding exportsby $182.68 million.
Export Strengths
Latvia's exports to Türkiye total $263.94 million, with competitive advantages in ferrous waste and scrap: n.e.c. in heading no. 7204, representing $124.23M or47.1% of bilateral exports.
Import Dependencies
Imports from Türkiye amount to $446.61 million, highlighting economic interdependence in aromatic hydrocarbon mixtures: n.e.c. in heading no. 2707, of which 65% or more by volume (including losses) distils at 250 degrees celsius by the iso 3405 method (equivalent to the astm d 86 method), with Aromatic hydrocarbon mixtures: n.e.c. in heading no. 2707, of which 65% or more by volume (including losses) distils at 250 degrees Celsius by the ISO 3405 method (equivalent to the ASTM D 86 method) comprising55.8% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Latvia's strategic sourcing from Türkiye. 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 Türkiye in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023