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2022
Flag → Flag
Exports $675MRnk 39 / 217
2022
Flag → Flag
Top Product $42.8MTractors
2022
Flag → Flag
Exports $1.19BRnk 5 / 194
2022
Flag → Flag
Top Product $155MRough Wood
2022
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Economic Complexity (ECI) ECI 1.49Rnk 9 / 133
2022
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GDP$586BCURRENT US$
Rnk 23 / 186
2012-2022
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GDP GROWTH6.06%CURRENT US$
Rnk 151 / 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 $55,873CURRENT US$
Rnk 13 / 186
2012-2022
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GDP PC GROWTH-3.73%CURRENT US$
Rnk 149 / 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

Sweden-Latvia Trade: In 2022, Sweden exported $675M to Latvia. The main products that Sweden exported to Latvia were Tractors ($42.8M), Rough Wood ($33.5M), and Non-fillet Fresh Fish ($24.7M). Over the past 5 years the exports of Sweden to Latvia have increased at an annualized rate of 6.55%, from $491M in 2017 to $675M in 2022.

In 2020, Sweden exported services to Latvia worth $128M, with Other business services ($40.2M), Transportation ($17M), and Computer and information services ($16.6M) being the largest in terms of value.

Latvia-Sweden Trade: In 2022, Latvia exported $1.19B to Sweden. The main products that Latvia exported to Sweden were Rough Wood ($155M), Fuel Wood ($79.3M), and Cement Articles ($74.5M). Over the past 5 years the exports of Latvia to Sweden have increased at an annualized rate of 8.53%,  from $793M in 2017 to $1.19B in 2022.

In 2020, Latvia exported services to Sweden worth $636M, with Construction services ($177M), Communications services ($168M), and Transportation ($136M) being the largest in terms of value.

Comparison In 2022,  Sweden ranked 9 in the Economic Complexity Index (ECI 1.49),  and 33 in total exports ($194B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

May, 2024

About

Overview In May 2024, Sweden exported SEK638M and imported SEK805M from Latvia, resulting in a negative trade balance of SEK168M. Between May 2023 and May 2024 the exports of Sweden have increased by SEK144M (29.1%) from SEK494M to SEK638M, while imports decreased by SEK-14.9M (-1.82%) from SEK820M to SEK805M.

Trade In May 2024, the top exports of Sweden to Latvia were Refined Petroleum (SEK165M), Flat Flat-Rolled Steel (SEK29.4M), Non-fillet Frozen Fish (SEK27.8M), Non-fillet Fresh Fish (SEK17.3M), and Sawn Wood (SEK16.3M). In May 2024 the top imports of Sweden from Latvia were Rough Wood (SEK193M), Fuel Wood (SEK162M), Refined Petroleum (SEK55.2M), Iron Structures (SEK48.2M), and Cement Articles (SEK46.2M).

Growth In May 2024, the increase in Sweden's year-by-year exports to Latvia was explained primarily by an increase in product exports in Refined Petroleum (SEK163M or 7.75k%), Flat Flat-Rolled Steel (SEK21.6M or 278%), and Non-fillet Frozen Fish (SEK10.4M or 59.3%). In May 2024, the decrease in Sweden's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Nitrogenous Fertilizers (SEK-13.9M or -74.4%), Other Furniture (SEK-6.42M or -37.9%), and Cement Articles (SEK-4.3M or -8.5%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (May 2023 - May 2024)SEK144M(29.1%)
IMPORT GROWTH (May 2023 - May 2024)SEK-14.9M(-1.82%)

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

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

For full datasets download visit Bulk Download page.

Explore Latvia and Sweden Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Sweden exported $675M to Latvia. The main products exported from Sweden to Latvia were Tractors ($42.8M), Rough Wood ($33.5M), and Non-fillet Fresh Fish ($24.7M). During the last 5 years the exports of Sweden to Latvia have increased at an annualized rate of 6.55%, from $491M in 2017 to $675M in 2022.

In 2017, Latvia exported $1.19B to Sweden. The main products exported from Latvia to Sweden were Rough Wood ($155M), Fuel Wood ($79.3M), and Cement Articles ($74.5M). During the last 5 years the exports of Latvia to Sweden have increased at an annualized rate of 8.53%, from $793M in 2022 to $1.19B in 2017.

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

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

Market Competitiveness

Color
Sweden
Top DestinationGermany$19.2B
Latvia
Top DestinationLithuania$4.09B

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

In 2022, countries that imported more from Sweden than Latvia included Norway ($18.7B), Germany ($19.2B), and United States ($17.8B).

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

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

Comparative Advantage Sweden - Latvia

Flow
Scale

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

During 2022, Sweden had a large net trade with Latvia in the exports of Machines ($148M), Transportation ($86M), and Metals ($70.2M).

During 2017, Latvia had a large net trade with Sweden in the exports of Wood Products ($366M), Metals ($193M), and Machines ($105M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Sweden Latvia+$10.8MCars
Top Product Potential Latvia Sweden+$9.95MMotor vehicles; parts and accessories (8701 to 8705)

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

In 2020, Sweden exported services to Latvia worth $128M, with Other business services ($40.2M), Transportation ($17M), and Computer and information services ($16.6M) being the largest in terms of value.

In 2020, Latvia exported services to Sweden worth $636M, with Construction services ($177M), Communications services ($168M), and Transportation ($136M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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