Russian Federation-Latvia Bilateral Trade Analysis 2023
Complete trade statistics: $1.88B total volume •Russian Federation deficit: $566.84M
Russian Federation → Latvia
$655.96M
Exports (2023)
Latvia → Russian Federation
$1.22B
Imports (2023)
Trade Balance
$566.84M
Deficit for Russian Federation
Total Trade
$1.88B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Russian Federation and Latvia. Green line shows exports from Russian Federation, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Russian Federation-Latvia commercial relationship and competitive positioning in global markets.
Russian Federation → Latvia Exports
Export Market Intelligence
🎯 Strategic Export Focus
Russian Federation's export portfolio to Latvia demonstrates strategic specialization, with petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711 representing a key competitive advantage in this bilateral market.
Latvia → Russian Federation Imports
Import Dependency Profile
📦 Import Strategy Analysis
Russian Federation's import pattern from Latvia reveals strategic sourcingin whiskies, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Russian Federation demonstrates competitive strength in exportingpetroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711 to Latvia, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.88B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Russian Federation-Latvia Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.88 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Russian Federation maintains a deficit of $566.84 million
- Export Focus: Russian Federation's primary exports include petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711, electrical energy, cereals: maize (corn), other than seed
- Import Dependencies: Key imports from Latvia include whiskies, wine: sparkling, medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale
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 $1.88B 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 Russian Federation leveraging its comparative advantages in petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711.
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
Russian Federation's specialization in petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711complements Latvia's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in whiskies.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.88B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.88B 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 $1.88 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711 and whiskies demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Russian Federation's trade deficit of $566.84 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 Russian Federation and Latvia represents a total trade volume of $1.88 billion in 2023. This partnership demonstrates an unfavorable trade balance for Russian Federation, with imports exceeding exportsby $566.84 million.
Export Strengths
Russian Federation's exports to Latvia total $655.96 million, with competitive advantages in petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711, representing $120.34M or18.3% of bilateral exports.
Import Dependencies
Imports from Latvia amount to $1.22 billion, highlighting economic interdependence in whiskies, with Whiskies comprising11.6% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Russian Federation'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 Russian Federation and Latvia in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023