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2022
Flag → Flag
Exports $702MRnk 11 / 194
2022
Flag → Flag
Top Product $111MParticle Board
2022
Flag → Flag
Exports $322MRnk 117 / 219
2022
Flag → Flag
Top Product $44.2MAircraft Parts
2022
Flag
Economic Complexity (ECI) ECI 1.47Rnk 10 / 133
2022
Flag  
GDP$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH46.1%CURRENT US$
Rnk 74 / 186
2022
Flag
 GDP$25.5TCURRENT US$
Rnk 1 / 186
2012-2022
Flag
GDP GROWTH56.7%CURRENT US$
Rnk 45 / 186
2022
Flag
GDP PC $21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH57.8%CURRENT US$
Rnk 30 / 186
2022
Flag
GDP PC$76,399CURRENT US$
Rnk 8 / 186
2012-2022
Flag
GDP PC GROWTH47.5%CURRENT US$
Rnk 39 / 186

About

Latvia-United States Trade: In 2022, Latvia exported $702M to United States. The main products that Latvia exported to United States were Particle Board ($111M), Sawn Wood ($96.5M), and Broadcasting Equipment ($63.4M). Over the past 5 years the exports of Latvia to United States have increased at an annualized rate of 12%, from $398M in 2017 to $702M in 2022.

In 2020, Latvia exported services to United States worth $183M, with Computer and information services ($112M), Other business services ($62.8M), and Communications services ($2.28M) being the largest in terms of value.

United States-Latvia Trade: In 2022, United States exported $322M to Latvia. The main products that United States exported to Latvia were Aircraft Parts ($44.2M), Planes, Helicopters, and/or Spacecraft ($32.8M), and Broadcasting Equipment ($23.7M). Over the past 5 years the exports of United States to Latvia have increased at an annualized rate of 4.57%,  from $258M in 2017 to $322M in 2022.

In 2017, United States exported services to Latvia worth $186M, with Travel ($75M), Financial services ($50M), and Transportation ($15M) being the largest in terms of value.

Comparison In 2022,  Latvia ranked 75 in total exports ($22.9B), and does not have data regarding Economic Complexity Index. That same year, United States ranked 10 in the Economic Complexity Index (ECI 1.47), and 2 in total exports ($1.95T).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Latvia exported $702M to United States. The main products exported from Latvia to United States were Particle Board ($111M), Sawn Wood ($96.5M), and Broadcasting Equipment ($63.4M). During the last 5 years the exports of Latvia to United States have increased at an annualized rate of 12%, from $398M in 2017 to $702M in 2022.

In 2017, United States exported $322M to Latvia. The main products exported from United States to Latvia were Aircraft Parts ($44.2M), Planes, Helicopters, and/or Spacecraft ($32.8M), and Broadcasting Equipment ($23.7M). During the last 5 years the exports of United States to Latvia have increased at an annualized rate of 4.57%, from $258M in 2022 to $322M in 2017.

Exports from Latvia (Flag) to United States (Flag) (2022)

Exports from United States (Flag) to Latvia (Flag) (2022)

Latest Data

Trade between Latvia (Flag) and United States (Flag)

Latvia Exports

United States Exports

Market Competitiveness

Color
Latvia
Top DestinationLithuania$4.09B
United States
Top DestinationCanada$308B

This map shows whether countries import more from Latvia or United States. Each country is colored based on the difference in imports they receive from Latvia and United States or the difference in the growth in imports.

In 2022, countries that imported more from Latvia than United States included Estonia ($2.26B), Lithuania ($4.09B), and Belarus ($194M).

In 2022, countries that imported more from United States than Latvia included Canada ($308B), Mexico ($294B), and China ($151B).

Difference in imports from United States (Flag) and Latvia (Flag) (2022)

Comparative Advantage Latvia - United States

Flow
Scale

This chart compares trade between Latvia and United States by product, considering products traded by both, Latvia and United States.

During 2022, Latvia had a large net trade with United States in the exports of Wood Products ($232M), Machines ($158M), and Foodstuffs ($62.9M).

During 2017, United States had a large net trade with Latvia in the exports of Transportation ($92M), Machines ($85.7M), and Instruments ($25.5M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Latvia United States+$71.5MTelephones
Top Product Potential United States Latvia+$16.3MTelephones

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Latvia and United States. This means that a dot/product with the flag of Latvia indicates it has a comparative advantage over United States. Similarly, a dot/product with the flag of United States indicates it has a comparative advantage over Latvia.

Product Space of Latvia (Flag) and United States (Flag) (2022)

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