Latvia-United Kingdom Bilateral Trade Analysis 2023
Complete trade statistics: $1.36B total volume •Latvia surplus: $743.43M
Latvia → United Kingdom
$1.05B
Exports (2023)
United Kingdom → Latvia
$308.63M
Imports (2023)
Trade Balance
$743.43M
Surplus for Latvia
Total Trade
$1.36B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Latvia and United Kingdom. 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-United Kingdom commercial relationship and competitive positioning in global markets.
Latvia → United Kingdom Exports
Export Market Intelligence
🎯 Strategic Export Focus
Latvia's export portfolio to United Kingdom demonstrates strategic specialization, with wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets representing a key competitive advantage in this bilateral market.
United Kingdom → Latvia Imports
Import Dependency Profile
📦 Import Strategy Analysis
Latvia's import pattern from United Kingdom reveals significant dependencyin vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Latvia demonstrates competitive strength in exportingwood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets to United Kingdom, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.36B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Latvia-United Kingdom Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.36 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Latvia maintains a surplus of $743.43 million
- Export Focus: Latvia's primary exports include wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets, wood: coniferous species, of pine (pinus spp.), sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, of a thickness exceeding 6mm, wood: coniferous species, of fir (abies spp.) and spruce (picea spp.), sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or finger-jointed, of a thickness exceeding 6mm
- Import Dependencies: Key imports from United Kingdom include vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc, vehicles: with both compression-ignition internal combustion piston engine (diesel or semi-diesel) and electric motor for propulsion, incapable of being charged by plugging to external source of electric power, whiskies
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 $1.36B 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 wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets.
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 wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pelletscomplements United Kingdom's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.36B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.36B 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 $1.36 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets and vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Latvia's trade surplus of $743.43 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 United Kingdom represents a total trade volume of $1.36 billion in 2023. This partnership demonstrates a favorable trade balance for Latvia, with exports exceeding importsby $743.43 million.
Export Strengths
Latvia's exports to United Kingdom total $1.05 billion, with competitive advantages in wood: for fuel, sawdust and wood waste and scrap, agglomerated in logs, briquettes, pellets or similar forms: wood pellets, representing $137.50M or13.1% of bilateral exports.
Import Dependencies
Imports from United Kingdom amount to $308.63 million, highlighting economic interdependence in vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc, with Vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc comprising10.1% 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 United Kingdom in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023