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2022
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Exports $475MRnk 65 / 222
2022
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Top Product $48.4MVaccines, blood, antisera, toxins and cultures
2022
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Exports $301MRnk 19 / 194
2022
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Top Product $37MSawn Wood
2022
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Economic Complexity (ECI) ECI 1.25Rnk 19 / 133
2022
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GDP$579BCURRENT US$
Rnk 25 / 186
2012-2022
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GDP GROWTH16.6%CURRENT US$
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2022
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 GDP$41.2BCURRENT US$
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2012-2022
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GDP GROWTH46.1%CURRENT US$
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2022
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GDP PC $49,583CURRENT US$
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2012-2022
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GDP PC GROWTH11%CURRENT US$
Rnk 112 / 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

Belgium-Latvia In 2022, Belgium exported $475M to Latvia. The main products that Belgium exported to Latvia are Vaccines, blood, antisera, toxins and cultures ($48.4M), Nitrogenous Fertilizers ($25.8M), and Iron Ingots ($21.9M). During the last 23 years the exports of Belgium to Latvia have increased at an annualized rate of 8.51%, from $72.7M in 1999 to $475M in 2022.

In 2020, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

Latvia-Belgium In 2022, Latvia exported $301M to Belgium. The main products that Latvia exported to Belgium were Sawn Wood ($37M), Motor vehicles; parts and accessories (8701 to 8705) ($36.7M), and Industrial Fatty Acids, Oils and Alcohols ($31.4M). During the last 23 years the exports of Latvia to Belgium have increased at an annualized rate of 10.5%, from $30.2M in 1999 to $301M in 2022.

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

Comparison In 2022,  Belgium ranked 19 in the Economic Complexity Index (ECI 1.25),  and 13 in total exports ($475B). That same year, Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index.

Latest Trends

January, 2024

About

Overview In January 2024, Belgium exported €30.1M and imported €12.5M from Latvia, resulting in a positive trade balance of €17.5M. Between January 2023 and January 2024 the exports of Belgium have increased by €5.94M (24.6%) from €24.1M to €30.1M, while imports decreased by €-2.08M (-14.3%) from €14.6M to €12.5M.

Trade In January 2024, the top exports of Belgium to Latvia were Cars, tractors, trucks & parts thereof. (€4.61M), Machinery, mechanical appliances, & parts (€3.62M), Plastics & articles thereof (€1.84M), Pharmaceutical products (€1.28M), and Fertilizers (€1.27M). In January 2024 the top imports of Belgium from Latvia were Wood, wood articles, & charcoal (€6.98M), Food residues & wastes; animal fodder (€2.54M), Mineral fuels, mineral oils and products... (€986k), Iron or steel articles (€896k), and Edible vegetables, roots, & tubers (€458k).

Growth In January 2024, the increase in Belgium's year-by-year exports to Latvia was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. (€3.12M or 209%), Meat & edible offal (€1.25M or 51.9k%), and Pharmaceutical products (€1.04M or 435%). In January 2024, the decrease in Belgium's year-by-year imports  from Latvia was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... (€-2.71M or -73.3%), Iron & steel (€-2.46M or -98.6%), and Chemical products n.e.s. (€-173k or -99.7%).

Latest Trade

Flow
Time Scale
Depth
Value
EXPORT GROWTH (January 2023 - January 2024)€5.94M(24.6%)
IMPORT GROWTH (January 2023 - January 2024)€-2.08M(-14.3%)

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

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

For full datasets download visit Bulk Download page.

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Belgium exported $475M to Latvia. The main products exported from Belgium to Latvia were Vaccines, blood, antisera, toxins and cultures ($48.4M), Nitrogenous Fertilizers ($25.8M), and Iron Ingots ($21.9M). During the last 23 years the exports of Belgium to Latvia have increased at an annualized rate of 8.51%, from $72.7M in 1999 to $475M in 2022.

In 2022, Latvia exported $301M to Belgium. The main products exported from Latvia to Belgium were Sawn Wood ($37M), Motor vehicles; parts and accessories (8701 to 8705) ($36.7M), and Industrial Fatty Acids, Oils and Alcohols ($31.4M). During the last 23 years the exports of Latvia to Belgium have increased at an annualized rate of 10.5%, from $30.2M in 1999 to $301M in 2022.

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

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

Market Competitiveness

Color
Belgium
Top DestinationGermany$91.9B
Latvia
Top DestinationLithuania$4.09B

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

In 2021, countries that imported more from Belgium than Latvia were Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

In 2021, countries that imported more from Latvia than Belgium were Lithuania ($4.09B), Estonia ($2.26B), and Belarus ($194M).

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

Comparative Advantage Belgium - Latvia

Flow
Scale

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

During 2022, Belgium had a large net trade with Latvia in the exports of Chemical Products ($114M), Machines ($60.9M), and Metals ($53.3M).

During 2022, Latvia had a large net trade with Belgium in the exports of Wood Products ($97.6M), Chemical Products ($52.9M), and Transportation ($40M).

Service Trade

Bilateral Service Trade

In 2020, Belgium exported services to Latvia worth $37.7M, with Other business services ($13.7M), Transportation ($12.6M), and Travel ($5.71M) being the largest in terms of value.

In 2020, Latvia exported services to Belgium worth $76.5M, with Transportation ($53.7M), Other business services ($16M), and Communications services ($3.43M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Economic Complexity

Competitive Landscape

This visualization show the product space at the HS4 level colored from blue to yellow.  This mean that the more blue a dot/product is, the more Belgium has comparative advantage over Latvia. Similarly, the more yellow a dot/product is, the more Latvia has comparative advantage over Belgium.

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

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