Trading Partner Portal: Latvia
Overview
Trade Overview
Latvia is a country in the Baltic region of Northern Europe and is a member of the European Union. As of 2023, Latvia has a population of 1.88 million and a GDP of $43.63 billion.
U.S. – Latvia Trade
U.S. exports to Latvia in 2023 totaled $997 million. Over $596 million of which was transportation equipment, followed by $120 million of petroleum and coal products, $41 million of computer and electronic products, $389 million of chemicals, and $32 million of non-electrical machinery.
The U.S. imported $620 million worth of products from Latvia in 2023. Wood products made up $125 million of the total, followed by $90 million of non-electrical machi
nery, $89 million of computer and electronic products, $83 million of beverage and tobacco products, and $28 million of Electrical equipment, appliances and components.
California – Latvia Trade
California exported $63 million worth of products in 2023. Computer and electronic products made up $13 million of the total. Agricultural products made up another $12 million, followed by non-electrical machinery ($11 million), processed foods ($7 million), and chemicals ($5 million).
California imported $52 million worth of products from Latvia in 2023. Of that total, $12 million was in beverage and tobacco products, $8 million was in computer and electronic products, $7 million was in electrical equipment and appliances, $5million was in minerals and ores, and $5 million was goods returned and reimports.
FDI- Latvia
In 2023, U.S. foreign direct investment into Latvia totaled $58 million, an almost 2% increase from the year prior (BEA).
Trade Agreements
Trade Agreements and Issues
Three Seas Initiative (3SI)
The Three Seas Initiative (3SI), getting its name from the three seas that border the region, was launched in 2015 by Croatian President Kolinda Grabar-Kitarović and Polish President Andrzej Duda to promote interconnectivity on energy, infrastructure, and digitization projects in Central and Eastern Europe. There are 12 EU member states that are part of the initiative: Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. The main goal of the venture is to create a “north-south” energy and infrastructure corridor in the region. The region has a total population of 10 million and a combined GDP of about $1.7 trillion, and has emerged as a significant driver of European economic growth. (Atlantic Council)
The U.S. has committed up to $1 billion to the 3SI, adding momentum to the project and its investment fund, helping to attract international private capital to the region. The initiative has been endorsed diplomatically by the United States, Germany, and the European Union, among others.
Pompeo Pledges $1 Billion in US Support for European Energy Initiative
The Hill, February 15, 2020