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 almost 2 million and a GDP of $34.4 billion.
U.S. exports to Latvia in 2019 totaled $541 million. Over 30% of which was transportation equipment, followed by 13.9% of chemicals, 11.9% of computer and electronic products, and 11.5% beverage and tobacco products. The U.S. imported $814 million worth of products from Latvia in 2019. Transportation equipment made up 48.9% of the total, followed by 16.8% of beverage and tobacco products, 5.3% of computer and electronic products, and 4.5% of petroleum and coal products. In 2018, U.S. foreign direct investment into Latvia totaled $70 million (BEA).
California exported $44.8 million worth of products. Computer and electronic products made up 25.2% of the total. Beverages and tobacco and non-electrical machinery made up 14.9% and 14.8%, respectively. Agricultural products made up 10.5% of the total. California was the third largest importing state from Latvia. California imported $51 million worth of products from Latvia in 2019. 42.8% was beverage and tobacco products. 12.1% was mineral and ores. 7.9% was computer and electronic products. 7.1% was electrical equipment and appliances.
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