Norway-Latvia Bilateral Trade Analysis 2023
Complete trade statistics: $441.89M total volume •Norway deficit: $441.89M
Norway → Latvia
$0
Exports (2023)
Latvia → Norway
$441.89M
Imports (2023)
Trade Balance
$441.89M
Deficit for Norway
Total Trade
$441.89M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Norway and Latvia. Green line shows exports from Norway, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Norway-Latvia commercial relationship and competitive positioning in global markets.
Norway → Latvia Exports
Export Market Intelligence
🎯 Strategic Export Focus
Norway's export portfolio to Latvia 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.
Latvia → Norway Imports
Import Dependency Profile
📦 Import Strategy Analysis
Norway's import pattern from Latvia reveals significant dependencyin iron or steel: structures and parts thereof, n.e.c. in heading 7308, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Norway 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 Latvia, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $441.89M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Norway-Latvia Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $441.89 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Norway maintains a deficit of $441.89 million
- Export Focus: Norway'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, wood: coniferous species, of fir (abies spp.) and spruce (picea spp.), in the rough, whether or not stripped of bark or sapwood, or roughly squared, untreated, of which any cross-sectional dimension is 15 cm or more, wood: coniferous species, of pine (pinus spp.), in the rough, whether or not stripped of bark or sapwood, or roughly squared, untreated, of which any cross-sectional dimension is 15 cm or more
- Import Dependencies: Key imports from Latvia include iron or steel: structures and parts thereof, n.e.c. in heading 7308, printed matter: books, brochures, leaflets and similar printed matter n.e.c. in item no. 4901.10 or 4901.91, buildings: prefabricated, of wood
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 $441.89M 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 Norway 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
Norway'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 Latvia's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in iron or steel: structures and parts thereof, n.e.c. in heading 7308.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $441.89M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $441.89M 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 $441.89 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 iron or steel: structures and parts thereof, n.e.c. in heading 7308 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Norway's trade deficit of $441.89 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 Norway and Latvia represents a total trade volume of $441.89 million in 2023. This partnership demonstrates an unfavorable trade balance for Norway, with imports exceeding exportsby $441.89 million.
Export Strengths
Norway's exports to Latvia total $0.00, 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 $25.75M orInfinity% of bilateral exports.
Import Dependencies
Imports from Latvia amount to $441.89 million, highlighting economic interdependence in iron or steel: structures and parts thereof, n.e.c. in heading 7308, with Iron or steel: structures and parts thereof, n.e.c. in heading 7308 comprising8.3% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Norway's strategic sourcing from Latvia. 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 Norway and Latvia in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023