2022
Flag  
GDP
$25.5TCURRENT US$
Rnk 1 / 186
2012-2022
Flag
GDP GROWTH
56.7%CURRENT US$
Rnk 45 / 186
2022
Flag
 GDP
$41.2BCURRENT US$
Rnk 97 / 186
2012-2022
Flag
GDP GROWTH
46.1%CURRENT US$
Rnk 74 / 186
2022
Flag
GDP PC 
$76,399CURRENT US$
Rnk 8 / 186
2012-2022
Flag
GDP PC GROWTH
47.5%CURRENT US$
Rnk 39 / 186
2022
Flag
GDP PC
$21,851CURRENT US$
Rnk 47 / 186
2012-2022
Flag
GDP PC GROWTH
57.8%CURRENT US$
Rnk 30 / 186

About

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.

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.

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

Company data: In 2023, leading companies such as ABB Motors and Mechanical (6), Red Bull (5), and Design Within Reach (5) were at the forefront of exporting goods from Latvia to the United States. Conversely, Other (13), Mdt Baltic Sia (4), and Kvist (3) were notable for importing products to Latvia from the United States.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, 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 2017 to $322M in 2022.

In 2017, 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 2022 to $702M in 2017.

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

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

Market Competitiveness

Color
United States
Top Destination
Canada$308B
Latvia
Top Destination
Lithuania$4.09B

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

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

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

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

Comparative Advantage United States - Latvia

Flow
Scale

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

During 2022, United States had a large net trade with Latvia in the exports of Transportation ($92M), Machines ($85.7M), and Instruments ($25.5M).

During 2017, Latvia had a large net trade with United States in the exports of Wood Products ($232M), Machines ($158M), and Foodstuffs ($62.9M).

Potential Exports

Potential Exports

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

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.

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Bilateral Service Trade

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.

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.

Service trade data is presented based on availability.

Services Exports from United States (Flag) to Latvia (Flag) (2017)

Services Exports from Latvia (Flag) to United States (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

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

Have questions, comments, or concerns?
Send us an e-mail: support@oec.world
Follow @OECtoday on
Created, Designed, and Developed by:
In collaboration with