Latvia-Ukraine Bilateral Trade Analysis 2023
Complete trade statistics: $665.11M total volume •Latvia surplus: $9.40M
Latvia → Ukraine
$337.25M
Exports (2023)
Ukraine → Latvia
$327.86M
Imports (2023)
Trade Balance
$9.40M
Surplus for Latvia
Total Trade
$665.11M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Latvia and Ukraine. 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-Ukraine commercial relationship and competitive positioning in global markets.
Latvia → Ukraine Exports
Export Market Intelligence
🎯 Strategic Export Focus
Latvia's export portfolio to Ukraine demonstrates strategic specialization, with 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 representing a key competitive advantage in this bilateral market.
Ukraine → Latvia Imports
Import Dependency Profile
📦 Import Strategy Analysis
Latvia's import pattern from Ukraine reveals strategic sourcingin reagents: diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006: certified reference material, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Latvia demonstrates competitive strength in exportingpetroleum 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 to Ukraine, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $665.11M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Latvia-Ukraine Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $665.11 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Latvia maintains a surplus of $9.40 million
- Export Focus: Latvia's primary exports include 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, television cameras, digital cameras and video camera recorders, petroleum gases and other gaseous hydrocarbons: liquefied, propane
- Import Dependencies: Key imports from Ukraine include reagents: diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006: certified reference material, oil seeds: low erucic acid rape or colza seeds, whether or not broken, vegetable oils: low erucic acid rape or colza oil and its fractions, crude
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 $665.11M 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 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.
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 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 oilscomplements Ukraine's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in reagents: diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006: certified reference material.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $665.11M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $665.11M 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 $665.11 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in 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 and reagents: diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006: certified reference material demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Latvia's trade surplus of $9.40 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 Ukraine represents a total trade volume of $665.11 million in 2023. This partnership demonstrates a favorable trade balance for Latvia, with exports exceeding importsby $9.40 million.
Export Strengths
Latvia's exports to Ukraine total $337.25 million, with competitive advantages in 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, representing $30.16M or8.9% of bilateral exports.
Import Dependencies
Imports from Ukraine amount to $327.86 million, highlighting economic interdependence in reagents: diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006: certified reference material, with Reagents: diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006: certified reference material comprising11.4% 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 Ukraine in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023