Balanced trade in services in Somalia
Somalia: Balanced trade in services was 1.07 US dollars, exchange rate converted in 2024. ▲ Rising
Balanced trade in services in Somalia, 2005–2024
Source: Organisation for Economic Co-operation and Development. Measured in US dollars, exchange rate converted.
Analysis
Somalia recorded 1.07 US dollars, exchange rate converted for balanced trade in services in 2024. That is the highest value across all 20 years on record.
The figure is up 21.7% on the previous year and up 147.6% over ten years.
Over the whole period, balanced trade in services in Somalia peaked at 1.07 US dollars, exchange rate converted in 2024 and was at its lowest, 0.1675 US dollars, exchange rate converted, in 2010.
That places Somalia 116th out of 174 countries with data for 2024, putting it in the middle of the range.
The long-run direction has been consistently rising across the 20 years of available data.
Balanced trade in services in Somalia, year by year
| Year | US dollars, exchange rate converted | Change |
|---|---|---|
| 2005 | 0.2516 US dollars, exchange rate converted | — |
| 2006 | 0.2544 US dollars, exchange rate converted | +1.1% |
| 2007 | 0.2846 US dollars, exchange rate converted | +11.9% |
| 2008 | 0.318 US dollars, exchange rate converted | +11.7% |
| 2009 | 0.1844 US dollars, exchange rate converted | -42.0% |
| 2010 | 0.1675 US dollars, exchange rate converted | -9.2% |
| 2011 | 0.276 US dollars, exchange rate converted | +64.7% |
| 2012 | 0.2915 US dollars, exchange rate converted | +5.6% |
| 2013 | 0.357 US dollars, exchange rate converted | +22.5% |
| 2014 | 0.4302 US dollars, exchange rate converted | +20.5% |
| 2015 | 0.4931 US dollars, exchange rate converted | +14.6% |
| 2016 | 0.4972 US dollars, exchange rate converted | +0.8% |
| 2017 | 0.5426 US dollars, exchange rate converted | +9.1% |
| 2018 | 0.5639 US dollars, exchange rate converted | +3.9% |
| 2019 | 0.5801 US dollars, exchange rate converted | +2.9% |
| 2020 | 0.4491 US dollars, exchange rate converted | -22.6% |
| 2021 | 0.5586 US dollars, exchange rate converted | +24.4% |
| 2022 | 0.6989 US dollars, exchange rate converted | +25.1% |
| 2023 | 0.8755 US dollars, exchange rate converted | +25.3% |
| 2024 | 1.07 US dollars, exchange rate converted | +21.7% |
Somalia compared with similar countries
- Somalia's 1.07 US dollars, exchange rate converted is above the median for low income countries, which is 0.7643 US dollars, exchange rate converted, 1.4× the median. (20 countries reporting)
- Somalia's 1.07 US dollars, exchange rate converted is above the median for Sub-Saharan Africa, which is 1.05 US dollars, exchange rate converted, 1.0× the median. (38 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 0.2586 US dollars, exchange rate converted | 0.1844 US dollars, exchange rate converted | 0.318 US dollars, exchange rate converted | 5 |
| 2010s | 0.4199 US dollars, exchange rate converted | 0.1675 US dollars, exchange rate converted | 0.5801 US dollars, exchange rate converted | 10 |
| 2020s | 0.7295 US dollars, exchange rate converted | 0.4491 US dollars, exchange rate converted | 1.07 US dollars, exchange rate converted | 5 |
Countries ranked near Somalia
- 113 Nepal 1.13 US dollars, exchange rate converted compare
- 114 Gabon 1.11 US dollars, exchange rate converted compare
- 115 Nicaragua 1.1 US dollars, exchange rate converted compare
- 117 Armenia 1.06 US dollars, exchange rate converted compare
- 118 Zimbabwe 1.04 US dollars, exchange rate converted compare
- 119 Kyrgyzstan 1.02 US dollars, exchange rate converted compare
More economy & growth data for Somalia
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.52 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.5 Percent per annum (2029)
- SDRs holdings, US dollar, annual growth rate 25.66 % change on previous year (2025)
- SDRs holdings, US dollar, per unit of GDP 0.0238 units per US$ of GDP (2025)
- SDRs holdings, US dollar, per capita 15.71 units per person (2025)
- SDRs holdings, SDR, annual growth rate 19.66 % change on previous year (2025)
- SDRs holdings, SDR, per unit of GDP 0.0174 units per US$ of GDP (2025)
- SDRs holdings, SDR, per capita 11.47 units per person (2025)
- IMF holdings of currency, US dollar, annual growth rate 5.01 % change on previous year (2025)
- IMF holdings of currency, US dollar, per unit of GDP 0.0172 units per US$ of GDP (2025)
Frequently asked questions
- What is balanced trade in services in Somalia?
- Balanced trade in services in Somalia was 1.07 US dollars, exchange rate converted in 2024, according to Organisation for Economic Co-operation and Development.
- What is the highest balanced trade in services recorded in Somalia?
- The highest recorded value was 1.07 US dollars, exchange rate converted in 2024.
- What is the lowest balanced trade in services recorded in Somalia?
- The lowest recorded value was 0.1675 US dollars, exchange rate converted in 2010.
- How does Somalia rank for balanced trade in services?
- Somalia ranks 116th out of 174 countries with data for 2024.
- Is balanced trade in services rising or falling in Somalia?
- Over the last ten years it is up 147.6%. The long-run trend across the full record is rising.
- Where does this Somalia data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Balanced trade in services (BaTIS). Statizoid updates them automatically from the source API.
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About this data
The OECD-WTO Balanced Trade in Services (BaTIS) dataset is a complete, consistent, and balanced matrix of international trade in services statistics (ITSS). It contains annual bilateral data covering 202 reporters and partners, broken down by total services and 26 EBOPS 2010 (BPM6) categories from 2005 to 2024. BaTIS is the result of joint efforts by the OECD and WTO. Two main features enable BaTIS to stand out as the international benchmark for any analysis on international trade in services: BaTIS is complete and consistent. At present, only around 65% of world trade in services is bilaterally specified, and the percentage is even lower for the individual service categories. The OECD-WTO methodology leverages all available official statistics and combines them with estimations and adjustments to provide users with a complete matrix covering virtually all economies in the world. BaTIS is balanced. To resolve the asymmetries between reported and mirror flows, exports and imports are reconciled by calculating a symmetry-index weighted average between the two, following a similar approach to that developed for international merchandise trade statistics. Batis provides three measures for each trade flow (under the ‘adjustment’ dimension): Reported. Reflects the value officially reported by the country (where available), some values are rescaled to fit world totals. Adjusted and/or imputed. Reflects, in addition to the reported values, any adjustments made to ensure internal consistency as well as the estimations made by the OECD-WTO to fill in the gaps in the reported information. Balanced. Reflects the reconciled bilateral trade flow, where exports equal mirror imports. Official information on bilateral trade flows was collected from OECD, Eurostat, national sources as well as UNSD. The WTO-UNCTAD trade in services dataset, based on a number of primary sources complemented with estimations, was the main source for data with partner world. The BaTIS dataset can be used as a stand-alone input for economic analysis and policy-making. In addition, balanced trade in services data form an essential input to the OECD Trade in Value Added (TiVA) initiative, for which a balanced view of international trade is crucial. BaTIS is intended to be regularly updated and constantly improved as new data become available. For more information on the methodology, please refer to the technical paper accompanying this dataset The OECD-WTO Balanced Trade in Services (BaTIS) For more information on balanced trade statistics, please go to the topic related OECD page Balanced trade statistics Users are encouraged to send their questions, or to signal any apparent errors, regarding this database to STAT.Contact@oecd.org https://www.oecd.org/en/about/directorates/statistics-and-data-directorate.html