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 2024, Latvia has a population of 1.86 million and a GDP of $43.52 billion.
U.S. – Latvia Trade
Two-way trade between the U.S. and Latvia in 2024 was $1.18 billion, with U.S. exports to Latvia totaling $546 million. Over $221 million of which was transportation equipment, followed by chemicals ($77 million), computer & electronics products ($50 million), petroleum & coal products ($38 million), and non-electrical machinery ($30 million).
The U.S. imported $631 million worth of products from Latvia in 2024. Wood products made up $158 million of the total, followed by non-electrical machinery ($100 million), beverage and tobacco products ($83 million), computer and electronic products ($62 million), and electrical equipment, appliances and components ($35 million).
California – Latvia Trade
California exported $81 million worth of products in 2024, with non-electrical machinery coming in at $18 million of the total. Agricultural products made up another $18 million, followed by transportation equipment ($15 million), chemicals ($10 million), and computer & electronic products ($8 million).
California imported $40 million worth of products from Latvia in 2024. Of that total, $10 million was in beverage and tobacco products, followed by electrical equipment, appliances, & components ($5 million), non-electrical machinery ($4 million), goods returned ($3 million), and processed foods ($3 million).
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