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Latvia Trade (% GDP)

Latvia's trade (% GDP) fell to 131.8% in 2024, down from 136.63% in 2023, according to World Bank. This represents a decrease of 4.83% from the previous year. Latvia has trade (% GDP) higher than the global median (131.80% vs median 84.49%). Compared with the median in Europe, Latvia is higher (131.80% vs regional median 111.00%) and ranks 17th out of 44 countries in Europe.

Yearly Historical Data (1995-2024)

(in %)
Year Trade (% GDP)
2024 131.8%
2023 136.63%
2022 159.84%
2021 136.8%
2020 123.88%
2019 125.29%
2018 128.23%
2017 128.71%
2016 123.33%
2015 126.38%
2014 130.04%
2013 129.68%
2012 133.21%
2011 129.73%
2010 110.86%
2009 88.83%
2008 95.77%
2007 100.88%
2006 105.7%
2005 104.52%
2004 97.24%
2003 88.58%
2002 85.98%
2001 88.18%
2000 83.61%
1999 82.15%
1998 93.05%
1997 90.93%
1996 92.56%
1995 76.25%
Latvia Trade (% GDP) : Definition
Trade (% GDP) measures the sum of exports and imports for Latvia divided by its total economic output, shown as a percentage.
Indicator Last Value Prior Value Period
Annual Exports $20.39B $20.54B 2024
Annual Imports $23.5B $24.55B 2024
Exports (% GDP) 64.62% 66.46% 2024
FDI Inflows (% GDP) 2.96% 3.97% 2024
Imports (% GDP) 67.18% 70.17% 2024
Net Trade (Goods & Services, BoP) -$1.12B -$1.58B 2024
Tariff Rate 1.95% 2.24% 2022