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Pricing

2023
Flag → Flag
Exports $269MRnk 124 / 220
2023
Flag → Flag
Top Product $67.5MAircraft parts (gliders, balloons, and powered aircraft)
2023
Flag → Flag
Exports $631MRnk 12 / 198
2023
Flag → Flag
Top Product $77.4MHard Liquor
2023
Flag
Economic Complexity (ECI) ECI 1.5Rnk 10 / 132
2023
Flag  
GDP$27.7TCURRENT US$
Rnk 1 / 195
2013-2023
Flag
GDP GROWTH64.2%CURRENT US$
Rnk 44 / 195
2023
Flag
 GDP$42.2BCURRENT US$
Rnk 100 / 195
2013-2023
Flag
GDP GROWTH44.9%CURRENT US$
Rnk 86 / 195
2023
Flag
GDP PC $82,769CURRENT US$
Rnk 9 / 195
2013-2023
Flag
GDP PC GROWTH55%CURRENT US$
Rnk 40 / 195
2023
Flag
GDP PC$22,503CURRENT US$
Rnk 56 / 196
2013-2023
Flag
GDP PC GROWTH55.4%CURRENT US$
Rnk 37 / 195

About

United States-Latvia Trade: In 2023, United States exported $269M to Latvia. The main products that United States exported to Latvia were Aircraft parts (gliders, balloons, and powered aircraft) ($67.5M), Refined Petroleum ($15.1M), and Planes, Helicopters, and/or Spacecraft ($14.1M). Over the past 5 years the exports of United States to Latvia have decreased at an annualized rate of 5.27%, from $352M in 2018 to $269M in 2023.

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 2023, Latvia exported $631M to United States. The main products that Latvia exported to United States were Hard Liquor ($77.4M), Particle Board ($70.4M), and Broadcasting Equipment ($51.5M). Over the past 5 years the exports of Latvia to United States have decreased at an annualized rate of 2.42%,  from $713M in 2018 to $631M in 2023.

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 2023,  United States ranked 10 in the Economic Complexity Index (ECI 1.5),  and 2 in total exports ($1.86T). That same year, Latvia ranked 80 in total exports ($19.9B), 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.

Latest Trends

November, 2024

About

Overview In November 2024, United States exported $45.4M and imported $58.3M from Latvia, resulting in a negative trade balance of $12.9M. Between November 2023 and November 2024 the exports of United States have decreased by $-30.1M (-39.8%) from $75.5M to $45.4M, while imports increased by $10.1M (20.8%) from $48.3M to $58.3M.

Trade In November 2024, the top exports of United States to Latvia were Coal Briquettes ($15.7M), Commodities not elsewhere specified ($6.29M), Cars ($4.09M), Other Edible Preparations ($1.74M), and Motor vehicles; parts and accessories (8701... ($1.33M). In November 2024 the top imports of United States from Latvia were Sawn Wood ($15.4M), Hard Liquor ($9.85M), Telephones ($3.29M), Commodities not elsewhere specified ($3.1M), and Particle Board ($2.87M).

Origins In November 2024 the exports of United States were mainly from Georgia ($19.7M), California ($7.08M), New York ($2.99M), Pennsylvania ($2.63M), and Tennessee ($2.17M), while imports destinations were mainly Alabama ($7.35M), Texas ($6.85M), New York ($6.29M), Florida ($4.25M), and California ($3.56M).

Growth In November 2024, the decrease in United States's year-by-year exports to Latvia was explained primarily by an decrease in product exports in Refined Petroleum ($-7.01M or -96.5%), Broadcasting Equipment ($-5.17M or -99.6%), and Hard Liquor ($-2.88M or -88.2%). In November 2024, the increase in United States's year-by-year imports  from Latvia was explained primarily by an increase in product imports  in Sawn Wood ($14.2M or 1.18k%), Commodities not elsewhere specified ($2.09M or 205%), and Book-binding Machines ($1.91M or 947%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (November 2023 - November 2024)$-30.1M(-39.8%)
IMPORT GROWTH (November 2023 - November 2024)$10.1M(20.8%)
MAIN EXPORTER (November 2024)Georgia$19.7M

This section shows exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of United States over time.

To check Latvia and United States trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Latvia and United States Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, United States exported $269M to Latvia. The main products exported from United States to Latvia were Aircraft parts (gliders, balloons, and powered aircraft) ($67.5M), Refined Petroleum ($15.1M), and Planes, Helicopters, and/or Spacecraft ($14.1M). During the last 5 years the exports of United States to Latvia have decreased at an annualized rate of 5.27%, from $352M in 2018 to $269M in 2023.

In 2018, Latvia exported $631M to United States. The main products exported from Latvia to United States were Hard Liquor ($77.4M), Particle Board ($70.4M), and Broadcasting Equipment ($51.5M). During the last 5 years the exports of Latvia to United States have decreased at an annualized rate of 2.42%, from $713M in 2023 to $631M in 2018.

Exports from United States (Flag) to Latvia (Flag) (2023)

Exports from Latvia (Flag) to United States (Flag) (2023)

Market Competitiveness

Color
United States
Top DestinationCanada$269B
Latvia
Top DestinationLithuania$3.77B

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 2023, countries that imported more from United States than Latvia included Canada ($269B), Mexico ($243B), and China ($154B).

In 2023, countries that imported more from Latvia than United States included Russia ($1.22B), Lithuania ($3.77B), and Estonia ($1.26B).

Difference in imports from Latvia (Flag) and United States (Flag) (2023)

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 2023, United States had a large net trade with Latvia in the exports of Transportation ($87.1M), Machines ($66.9M), and Instruments ($24.8M).

During 2018, Latvia had a large net trade with United States in the exports of Machines ($149M), Wood Products ($143M), and Foodstuffs ($98.6M).

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.

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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) (2023)

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