{"id":19803,"date":"2020-08-13T07:03:27","date_gmt":"2020-08-13T07:03:27","guid":{"rendered":"https:\/\/commodity.com\/?page_id=19803"},"modified":"2026-04-25T01:25:41","modified_gmt":"2026-04-25T01:25:41","slug":"latvia","status":"publish","type":"page","link":"https:\/\/commodity.com\/data\/latvia\/","title":{"rendered":"Latvia Economy Profile: GDP and Top 5 Imports\/Exports"},"content":{"rendered":"\n

In this economic guide to Latvia, we’ll give you an overview of the Latvian economy, including its primary imports and exports of goods and services.<\/p>\n\n\n\n

Latvia Economy Overview<\/h2>\n\n\n\n

A GDP of $34.4 billion makes Latvia the world’s 99th largest economy. Based on the diversity and complexity of its exports, the country ranks 36th on the Economic Complexity Index.<\/p>\n\n\n\n

\"Latvia
Latvia Map<\/a> by Peter Fitzgerald<\/a> via Wikimedia (CC BY-SA 4.0<\/a>)<\/figcaption><\/figure><\/div>\n\n\n\n

With imports of $22 billion exceeding exports of $15.8 billion, Latvia has a negative trade balance of -$6.23 billion. Imports per capita are $11,400, while exports per capita are $8,200. Sawn wood is the most exported product, and Lithuania<\/a> is the biggest export destination. The most imported product is refined petroleum from Russia<\/a>.<\/p>\n\n\n\n

GDP of Latvia<\/h2>\n\n\n\n

Latvia’s GDP is $34.4 billion, representing a negative growth of -3.5% between 2008 and 2018. However, its GDP per capita of $17,861 grew by 9.06% over the same period. <\/p>\n\n\n\n

In terms of its GDP, the country ranks 99th in the world. Russia and Lithuania count among Latvia’s top trade partners.<\/p>\n\n\n\n

Latvia’s Top 5 Commodity Exports<\/strong><\/h2>\n\n\n\n
    \n
  1. Sawn wood<\/a>\u00a0– $867 million<\/li>\n\n\n\n
  2. Refined petroleum<\/a>\u00a0– $495 million<\/li>\n\n\n\n
  3. Fuel wood – $435 million<\/li>\n\n\n\n
  4. Wheat<\/a> – $409 million<\/li>\n\n\n\n
  5. Rough wood – $363 million<\/li>\n<\/ol>\n\n\n\n

    Other Notable Latvian Exports <\/h3>\n\n\n\n