Trading Partner Portal: Latvia
Latvia is a country in the Baltic region of Northern Europe and is a member of the European Union. Latvia has a population of 1.88 million and a GDP of $39.85 billion.
U.S. exports to Latvia in 2021 totaled $413 million. Over $119 million of which was transportation equipment, followed by $68 million of computer and electronic products, $60 million of beverage and tobacco products, and $31 million of chemicals. The U.S. imported $748 million worth of products from Latvia in 2022. Wood products made up $203 million of the total, followed by $124 million of beverage and tobacco products, $82 million of non-electrical machinery, and $66 million of computer and electronic products. In 2021, U.S. foreign direct investment into Latvia totaled $36 million (BEA).
California exported $47 million worth of products. Computer and electronic products made up $8 million of the total. Processed foods made up another $8 million, followed by agricultural products, chemicals, and non-electrical machinery. California imported $56 million worth of products from Latvia in 2022. $17 million was beverage and tobacco products. $9 million was mineral and ores. $5 million was in was electrical equipment and appliances. $4 million was computer and electronic products.
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