External balance on goods and services in Cuba
Cuba: External balance on goods and services was -39.9% in 2024. ◆ Volatile
External balance on goods and services in Cuba, 1970–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
The most recent figure for external balance on goods and services in Cuba is -39.9%, measured in 2024. That is the lowest value across all 55 years on record.
The figure is down 36.3% on the previous year and down 915.8% over ten years.
Over the whole period, external balance on goods and services in Cuba peaked at 5.2% in 2012 and was at its lowest, -39.9%, in 2024.
Cuba ranks 181st of 193 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services in Cuba, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1970 | -11.6% | — |
| 1971 | -11.6% | +0.0% |
| 1972 | -11.6% | -0.0% |
| 1973 | -11.6% | -0.0% |
| 1974 | -11.6% | +0.0% |
| 1975 | -11.6% | -0.0% |
| 1976 | -11.6% | +0.1% |
| 1977 | -11.6% | -0.1% |
| 1978 | -11.5% | -0.2% |
| 1979 | -11.6% | +0.4% |
| 1980 | -11.5% | -0.5% |
| 1981 | -11.6% | +0.8% |
| 1982 | -11.5% | -0.9% |
| 1983 | -11.4% | -0.6% |
| 1984 | -11.8% | +3.1% |
| 1985 | -11.3% | -4.5% |
| 1986 | -12.0% | +6.9% |
| 1987 | -11.0% | -8.6% |
| 1988 | -11.1% | +0.6% |
| 1989 | -13.6% | +22.7% |
| 1990 | -10.6% | -21.8% |
| 1991 | -7.1% | -32.9% |
| 1992 | -1.3% | -81.6% |
| 1993 | -2.5% | +92.9% |
| 1994 | -1.3% | -48.7% |
| 1995 | -2.5% | +93.2% |
| 1996 | -2.0% | -20.2% |
| 1997 | -2.9% | +45.4% |
| 1998 | -4.0% | +37.6% |
| 1999 | -2.8% | -30.1% |
| 2000 | -2.8% | +0.8% |
| 2001 | -2.9% | +2.7% |
| 2002 | -1.7% | -42.1% |
| 2003 | -0.7% | -59.2% |
| 2004 | 0.7% | -207.2% |
| 2005 | 2.7% | +265.3% |
| 2006 | 0.2% | -91.1% |
| 2007 | 2.7% | +1032.3% |
| 2008 | -3.8% | -239.8% |
| 2009 | 2.0% | -153.0% |
| 2010 | 4.8% | +141.8% |
| 2011 | 3.2% | -33.0% |
| 2012 | 5.2% | +58.8% |
| 2013 | 3.9% | -24.8% |
| 2014 | 4.9% | +26.2% |
| 2015 | 2.7% | -45.2% |
| 2016 | 2.7% | +0.6% |
| 2017 | 2.9% | +6.8% |
| 2018 | 2.0% | -31.9% |
| 2019 | 1.6% | -18.1% |
| 2020 | 0.7% | -59.3% |
| 2021 | -10.2% | -1665.4% |
| 2022 | -12.9% | +25.8% |
| 2023 | -29.3% | +127.3% |
| 2024 | -39.9% | +36.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | -11.6% | -11.6% | -11.5% | 10 |
| 1980s | -11.7% | -13.6% | -11.0% | 10 |
| 1990s | -3.7% | -10.6% | -1.3% | 10 |
| 2000s | -0.3% | -3.8% | 2.7% | 10 |
| 2010s | 3.4% | 1.6% | 5.2% | 10 |
| 2020s | -18.3% | -39.9% | 0.7% | 5 |
Countries ranked near Cuba
More economy & growth data for Cuba
- Exports of goods and services (current LCU), annual growth rate 21.76 % change on previous year (2024)
- Exports of goods and services (current LCU), per unit of GDP 0.0817 current LCU per US$ of GDP (2020)
- Exports of goods and services (current LCU), per capita 41,958 current LCU per person (2024)
- Exports of goods and services (constant 2015 US$), annual growth rate -0.2466 % change on previous year (2024)
- Exports of goods and services (constant 2015 US$), per unit of GDP 0.0827 constant 2015 US$ per US$ of GDP (2020)
- Exports of goods and services (constant 2015 US$), per capita 667.96 constant 2015 US$ per person (2024)
- Gross fixed capital formation (current US$), annual growth rate -9.14 % change on previous year (2020)
- Gross fixed capital formation (current US$), per unit of GDP 0.0981 current US$ per US$ of GDP (2020)
- Gross fixed capital formation (current US$), per capita 942.7 current US$ per person (2020)
- Gross fixed capital formation (current LCU), per unit of GDP 0.0981 current LCU per US$ of GDP (2020)
Frequently asked questions
- What is external balance on goods and services in Cuba?
- External balance on goods and services in Cuba was -39.9% in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest external balance on goods and services recorded in Cuba?
- The highest recorded value was 5.2% in 2012.
- What is the lowest external balance on goods and services recorded in Cuba?
- The lowest recorded value was -39.9% in 2024.
- How does Cuba rank for external balance on goods and services?
- Cuba ranks 181st out of 193 countries with data for 2024.
- Is external balance on goods and services rising or falling in Cuba?
- Over the last ten years it is down 915.8%. The long-run trend across the full record is volatile.
- Where does this Cuba data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of External balance on goods and services (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 55 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.