Sweden-Latvia Bilateral Trade Analysis 2023
Complete trade statistics: $1.86B total volume •Sweden deficit: $359.91M
Sweden → Latvia
$748.05M
Exports (2023)
Latvia → Sweden
$1.11B
Imports (2023)
Trade Balance
$359.91M
Deficit for Sweden
Total Trade
$1.86B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Sweden and Latvia. Green line shows exports from Sweden, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Sweden-Latvia commercial relationship and competitive positioning in global markets.
Sweden → Latvia Exports
Export Market Intelligence
🎯 Strategic Export Focus
Sweden's export portfolio to Latvia demonstrates strategic specialization, with tractors: road, for semi-trailers representing a key competitive advantage in this bilateral market.
Latvia → Sweden Imports
Import Dependency Profile
📦 Import Strategy Analysis
Sweden's import pattern from Latvia reveals strategic sourcingin biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Sweden demonstrates competitive strength in exportingtractors: road, for semi-trailers to Latvia, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.86B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Sweden-Latvia Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.86 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Sweden maintains a deficit of $359.91 million
- Export Focus: Sweden's primary exports include tractors: road, for semi-trailers, fish: frozen, cod (gadus morhua, gadus ogac, gadus macrocephalus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, 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
- Import Dependencies: Key imports from Latvia include biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals, wood: for fuel, in chips or particles, coniferous, whether or not agglomerated, iron or steel: structures and parts thereof, n.e.c. in heading 7308
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 $1.86B 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 Sweden leveraging its comparative advantages in tractors: road, for semi-trailers.
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
Sweden's specialization in tractors: road, for semi-trailerscomplements Latvia's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.86B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.86B 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 $1.86 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in tractors: road, for semi-trailers and biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Sweden's trade deficit of $359.91 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 Sweden and Latvia represents a total trade volume of $1.86 billion in 2023. This partnership demonstrates an unfavorable trade balance for Sweden, with imports exceeding exportsby $359.91 million.
Export Strengths
Sweden's exports to Latvia total $748.05 million, with competitive advantages in tractors: road, for semi-trailers, representing $53.06M or7.1% of bilateral exports.
Import Dependencies
Imports from Latvia amount to $1.11 billion, highlighting economic interdependence in biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals, with Biodiesel and mixtures thereof: not containing or containing less than 70% by weight of petroleum oils or oils obtained from bituminous minerals comprising4.9% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Sweden'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 Sweden and Latvia in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023