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2022
Flag → Flag
Exports $329MRnk 80 / 218
2022
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Top Product $20MHard Liquor
2022
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Exports $386MRnk 15 / 194
2022
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Top Product $118MWheat
2022
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Economic Complexity (ECI) ECI 0.81Rnk 33 / 133
2022
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GDP$1.4TCURRENT US$
Rnk 15 / 186
2012-2022
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GDP GROWTH5.49%CURRENT US$
Rnk 154 / 186
2022
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 GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
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GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
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GDP PC $29,350CURRENT US$
Rnk 40 / 186
2012-2022
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GDP PC GROWTH3.63%CURRENT US$
Rnk 132 / 186
2022
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GDP PC$21,851CURRENT US$
Rnk 47 / 186
2012-2022
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GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186

About

Spain-Latvia Trade: In 2022, Spain exported $329M to Latvia. The main products that Spain exported to Latvia were Hard Liquor ($20M), Wine ($19.1M), and Citrus ($10.4M). Over the past 5 years the exports of Spain to Latvia have increased at an annualized rate of 6.1%, from $245M in 2017 to $329M in 2022.

In 2007, Spain exported services to Latvia worth $180M, with Services not allocated ($180M) being the largest in terms of value.

Latvia-Spain Trade: In 2022, Latvia exported $386M to Spain. The main products that Latvia exported to Spain were Wheat ($118M), Corn ($19.7M), and Dried Legumes ($16.9M). Over the past 5 years the exports of Latvia to Spain have increased at an annualized rate of 18%,  from $169M in 2017 to $386M in 2022.

In 2020, Latvia exported services to Spain worth $56M, with Transportation ($44.5M), Computer and information services ($4.57M), and Other business services ($4.57M) being the largest in terms of value.

Comparison In 2022,  Spain ranked 33 in the Economic Complexity Index (ECI 0.81),  and 20 in total exports ($394B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

June, 2024

About

Overview In June 2024, Spain exported €21.5M and imported €14.5M from Latvia, resulting in a positive trade balance of €7.03M. Between June 2023 and June 2024 the exports of Spain have decreased by €-3.95M (-15.5%) from €25.5M to €21.5M, while imports decreased by €-14.6M (-50.3%) from €29.1M to €14.5M.

Trade In June 2024, the top exports of Spain to Latvia were Wine (€1.51M), Hard Liquor (€1.45M), Citrus (€1.32M), Tomatoes (€788k), and Other Plastic Products (€651k). In June 2024 the top imports of Spain from Latvia were Corn (€9.37M), Special purpose motor vehicles (€2.14M), Animal Food (€1.83M), Dried Legumes (€1.54M), and Starch Residue (€1.38M).

Origins In June 2024 the exports of Spain were mainly from Barcelona (€6.28M), Valencia (€1.98M), Madrid (€1.46M), A Coruña (€1.38M), and Murcia (€1.16M), while imports destinations were mainly Barcelona (€1.65M), Madrid (€1.6M), Sevilla (€1.36M), Valladolid (€1.31M), and Valencia (€994k).

Growth In June 2024, the decrease in Spain's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Iron Structures (€-3.77M or -100%), Hard Liquor (€-1.89M or -56.6%), and Motor vehicles; parts and accessories (8701... (€-779k or -74.8%). In June 2024, the decrease in Spain's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Sawn Wood (€-497k or -53.6%), Non-Retail Synthetic Filament Yarn (€-436k or -88.4%), and Motor vehicles; parts and accessories (8701... (€-324k or -73.4%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (June 2023 - June 2024)€-3.95M(-15.5%)
IMPORT GROWTH (June 2023 - June 2024)€-14.6M(-50.3%)
MAIN EXPORTER (June 2024)Barcelona€6.28M

This section shows exports and imports data at subnational level for Spain. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of Spain over time.

To check Latvia and Spain trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Latvia and Spain Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Spain exported $329M to Latvia. The main products exported from Spain to Latvia were Hard Liquor ($20M), Wine ($19.1M), and Citrus ($10.4M). During the last 5 years the exports of Spain to Latvia have increased at an annualized rate of 6.1%, from $245M in 2017 to $329M in 2022.

In 2017, Latvia exported $386M to Spain. The main products exported from Latvia to Spain were Wheat ($118M), Corn ($19.7M), and Dried Legumes ($16.9M). During the last 5 years the exports of Latvia to Spain have increased at an annualized rate of 18%, from $169M in 2022 to $386M in 2017.

Exports from Spain (Flag) to Latvia (Flag) (2022)

Exports from Latvia (Flag) to Spain (Flag) (2022)

Market Competitiveness

Color
Spain
Top DestinationFrance$65.2B
Latvia
Top DestinationLithuania$4.09B

This map shows whether countries import more from Spain or Latvia. Each country is colored based on the difference in imports they receive from Spain and Latvia or the difference in the growth in imports.

In 2022, countries that imported more from Spain than Latvia included France ($65.2B), Germany ($39.2B), and Portugal ($34.9B).

In 2022, countries that imported more from Latvia than Spain included Lithuania ($4.09B), Estonia ($2.26B), and Nigeria ($512M).

Difference in imports from Latvia (Flag) and Spain (Flag) (2022)

Comparative Advantage Spain - Latvia

Flow
Scale

This chart compares trade between Spain and Latvia by product, considering products traded by both, Spain and Latvia.

During 2022, Spain had a large net trade with Latvia in the exports of Foodstuffs ($66.6M), Machines ($51.4M), and Vegetable Products ($49.1M).

During 2017, Latvia had a large net trade with Spain in the exports of Vegetable Products ($196M), Wood Products ($35.3M), and Foodstuffs ($27.4M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Spain Latvia+$10.4MCars
Top Product Potential Latvia Spain+$9.65MTelephones

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

Esp Year

In 2007, Spain exported services to Latvia worth $180M, with Services not allocated ($180M) being the largest in terms of value.

In 2020, Latvia exported services to Spain worth $56M, with Transportation ($44.5M), Computer and information services ($4.57M), and Other business services ($4.57M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Spain (Flag) to Latvia (Flag) (2007)

Services Exports from Latvia (Flag) to Spain (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Spain and Latvia. This means that a dot/product with the flag of Spain indicates it has a comparative advantage over Latvia. Similarly, a dot/product with the flag of Latvia indicates it has a comparative advantage over Spain.

Product Space of Spain (Flag) and Latvia (Flag) (2022)

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