BUYUSA.GOV -- U.S. Commercial Service
WELCOME TO THE US COMMERCIAL SERVICE IN THE BALTICS!
The US Commercial Service opened its regional office in Riga, Latvia in May, 2001. This office covers all three Baltic countries and includes one Commercial Specialist in each country who are ready to serve US business needs.
BALTIC COUNTRIES - GENERAL OVERVIEW!
Three Baltic countries - Estonia, Latvia and Lithuania, often called– the Balts, are located on the east side of the Baltic Sea squeezed-in between Sweden, Finland, Russia and Poland. Together they comprise an area comparable to the state of Oklahoma and 7.3 million residents. The smallest of the three is Estonia and it is slightly larger geographically than Denmark. The total population of the Balts is roughly equal to that of Sweden. In 2004 they will become full members of NATO and the European Union. They are among the fastest growing economies in the future EU zone with average GDP growth of 5-7 per cent.
These three countries, with relatively high standards of living and modern infrastructure, have much in common historically, geographically and economically. Due to a lack of natural resources these countries strive to take advantage of their geographical location and their main resource – a highly educated and skilled workforce. As a gateway between Russia and Western Europe, the Baltic countries always played an important role in US trade interests and exports and we expect it to continue since on May 1,2004 the Baltic eastern borders became the common EU-CIS border.
Key Statistics | Estonia | Latvia | Lithuania |
Population | 1.4M | 2.32M | 3.5M |
GDP (2003 in USD) | 7.002bn | 10.3bn | 18.8bn |
GDP Growth %(2003) | 4.8 | 7.5 | 8.9 |
Inflation % (2003) | 1.3 | 3.9 | -1.3 |
Source: National Statistical bureaus of Estonia, Latvia and Lithuania
Note:
USA - Baltics Trade Statistics in 2003 | Estonia | Latvia | Lithuania |
US exports to | $120.7M | $123.8M | $162.6M |
US imports from | $181.5M | $377.4M | $347.3M |
US Trade balance with | $-60.8M | $-253.6M | $-184.7M |
Source: US Census Bureau
© 2001-2004 All rights reserved