United States (USA) and Latvia (LVA) Trade

2022

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Exports $322MRnk 117 / 219

2022

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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.

Latest Trends

August, 2024

About

Overview In August 2024, United States exported $26.7M and imported $45.2M from Latvia, resulting in a negative trade balance of $18.4M. Between August 2023 and August 2024 the exports of United States have decreased by $-109M (-80.2%) from $135M to $26.7M, while imports decreased by $-6.35M (-12.3%) from $51.5M to $45.2M.

Trade In August 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 August 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 August 2024 the exports of United States were mainly from California ($12.5M), Texas ($2.55M), Florida ($1.43M), Tennessee ($1.2M), and Virginia ($941k), while imports destinations were mainly Texas ($5.55M), Florida ($5.08M), Maryland ($4.74M), New York ($4.19M), and California ($3.89M).

Growth In August 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 ($-2.88M or -88.2%). In August 2024, the decrease in United States's year-by-year imports from Latvia was explained primarily by an decrease in product imports in Particle Board ($-3.61M or -55.7%), Fuel Wood ($-1.62M or -93.1%), and Peat ($-854k or -48.7%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (August 2023 - August 2024)$-109M(-80.2%)

IMPORT GROWTH (August 2023 - August 2024)$-6.35M(-12.3%)

MAIN EXPORTER (August 2024)California$12.5M

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.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

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 () to Latvia () (2022)

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United States
Top DestinationCanada$308B

Latvia
Top DestinationLithuania$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 () and United States () (2022)

Comparative Advantage United States - Latvia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

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

Lva Year

Usa Year

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.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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 () and Latvia () (2022)

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