What is the value of US trade with Latvia?
Updated annually
$771 million in imports and $849 million in exports in 2024. That means that the US exported $78 million more to Latvia than we imported from it. Benefits of trade can include higher wages and job growth, a wider variety of products available at lower prices, increased productivity, and more efficient resource allocation.
$771M
Value of imports from Latvia to the US (2024)
$849M
Value of exports from the US to Latvia (2024)
Exports are goods and services the US sells to other countries. Imports are goods and services the US buys from other countries. Combining the value of imports and exports shows us how much trade happens between the US and other countries.
The Bureau of Economic Analysis (BEA) provides data for 71 of the US' trading partners (though not necessarily the top 71 trading partners). The partners they track accounted for 94.3% of total trade with the US in 2024.
BEA data ranks Latvia as the US’ 70th top trading partner: In 2024, the US traded $1.62 billion in goods and services with Latvia. Countries with similar trade values include Estonia ($1.86B) and Brunei ($530M).
In 2024, the US traded $1.62 billion in goods and services with Latvia.
Total trade value (imports + exports) with the US (2024), by select countries
Another way to look at international trade is through trade balance. A nation that imports more than it exports, has a trade deficit. One that exports more than it imports has a trade surplus. Neither is inherently good or bad; trade balance is just a metric that shows the relationship between imports and exports.
The US had a trade surplus with Latvia in 2024. The 2024 surplus was $78 million, a decrease from 2023's surplus of $494 million.
The trade surplus with Latvia increased to $78M in 2024.
Annual trade balance with Latvia, not adjusted for inflation
In 2024, 82% of imports from Latvia to the US were goods. The largest category was industrial supplies and materials (items used up in the production process, like oil, chemicals, and plastic), accounting for $221 million. The top three imports were industrial supplies and materials, capital goods (tools used for the production process, like machinery and equipment), and food, feeds, and beverages. These categories accounted for $527 million of total imports.
The other 18% were services, with travel being the largest service category. Travel (money leaving the US by Americans spending on things like lodging, meals, transportation, and entertainment abroad) accounted for $40 million.
Industrial supplies and materials made up 28.7% of US imports from Latvia in 2024.
US imports from Latvia by category (2024)
In 2024, more US exports to Latvia were goods — 63.5%. The largest export was capital goods, which accounted for a value of $292 million. The top three exports were capital goods, industrial supplies and materials, and food, feeds, and beverages. These categories accounted for $470 million of exports to Latvia.
The other 36.5% were services, with travel being the largest service category. Travel (money entering the US from foreign visitors on expenses like lodging, meals, transportation, and entertainment) accounted for $89 million.
Capital goods made up 34.4% of US exports to Latvia in 2024.
US exports to Latvia by category (2024)
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
