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Exports In 2022, Latvia exported $482M in Refined Petroleum, making it the 78th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 8th most exported product in Latvia. The main destination of Refined Petroleum exports from Latvia are: Ukraine ($106M), Lithuania ($92.6M), Germany ($69.3M), Morocco ($54.2M), and Brazil ($28.5M).

The fastest growing export markets for Refined Petroleum of Latvia between 2021 and 2022 were Ukraine ($106M), Morocco ($54M), and Germany ($43.2M).

Imports In 2022, Latvia imported $1.57B in Refined Petroleum, becoming the 91st largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 2nd most imported product in Latvia. Latvia imports Refined Petroleum primarily from: Lithuania ($1.04B), Finland ($206M), Russia ($164M), Netherlands ($37.4M), and Estonia ($21.6M).

The fastest growing import markets in Refined Petroleum for Latvia between 2021 and 2022 were Lithuania ($556M), Netherlands ($23M), and Kazakhstan ($17.5M).

Latest Trends

Sep 2024

Subnational Monthly Trade

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Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Refined Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$482M
IMPORTS (2022)$1.57B
NET TRADE (2022)-$1.09B

In 2022, Latvia exported $482M in Refined Petroleum. The main destinations of Latvia exports on Refined Petroleum were Ukraine ($106M), Lithuania ($92.6M), Germany ($69.3M), Morocco ($54.2M), and Brazil ($28.5M).

In 2022, Latvia imported $1.57B in Refined Petroleum, mainly from Lithuania ($1.04B), Finland ($206M), Russia ($164M), Netherlands ($37.4M), and Estonia ($21.6M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Latvia WERE (2021 - 2022):
Ukraine$106M (61.2k%)
Morocco$54M (24.2k%)
Germany$43.2M (165%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Latvia WERE (2021 - 2022):
Hungary-$21.9M (-64.9%)
Canada-$20.1M (-100%)
United Kingdom-$13M (-60.3%)

Change in Exports by Market (2021 - 2022)

Market Concentration

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Type
In 2022, Latvia's main exporting competitors in Refined Petroleum were:
In 2022, Latvia's main importing competitors in Refined Petroleum were:

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
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TOP EXPORT POTENTIALGermany+ $42.3M
TOP IMPORT POTENTIALRussia+ $118M

Refined Petroleum’s highest export potential is Germany. With an export gap of $42.3M.   Refined Petroleum’s highest import potential is Russia with an import gap of $118M.

See methodology.

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