External balance on goods and services in Iraq
Iraq: External balance on goods and services was 2.4% in 2024. ◆ Volatile
External balance on goods and services in Iraq, 1970–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
Iraq recorded 2.4% for external balance on goods and services in 2024.
The figure is down 75.6% on the previous year and down 73.2% over ten years.
Over the whole period, external balance on goods and services in Iraq peaked at 31.9% in 1980 and was at its lowest, -40.1%, in 1982.
That places Iraq 58th out of 193 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services in Iraq, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1970 | 17.1% | — |
| 1971 | 20.7% | +20.5% |
| 1972 | 15.4% | -25.2% |
| 1973 | 21.7% | +40.6% |
| 1974 | 29.5% | +35.7% |
| 1975 | 9.8% | -66.9% |
| 1976 | 21.5% | +120.0% |
| 1977 | 15.4% | -28.4% |
| 1978 | 25.0% | +62.9% |
| 1979 | 31.3% | +25.0% |
| 1980 | 31.9% | +2.0% |
| 1981 | -30.7% | -196.1% |
| 1982 | -40.1% | +30.7% |
| 1983 | -8.3% | -79.3% |
| 1984 | -4.0% | -51.9% |
| 1985 | -4.7% | +16.8% |
| 1986 | -9.9% | +112.7% |
| 1987 | -2.9% | -70.8% |
| 1988 | -3.1% | +7.6% |
| 1989 | -0.9% | -71.0% |
| 1990 | 0.3% | -129.9% |
| 1991 | -1.2% | -547.7% |
| 1992 | -0.8% | -37.5% |
| 1993 | -0.4% | -48.0% |
| 1994 | -0.0% | -92.8% |
| 1995 | -0.0% | -64.0% |
| 1996 | -0.0% | -16.4% |
| 1997 | 21.5% | -251191.1% |
| 1998 | 23.6% | +9.5% |
| 1999 | 17.0% | -28.0% |
| 2000 | 26.1% | +53.8% |
| 2001 | 3.8% | -85.6% |
| 2002 | 21.4% | +467.6% |
| 2003 | 0.6% | -97.4% |
| 2004 | -7.7% | -1496.3% |
| 2005 | -7.0% | -8.4% |
| 2006 | 12.4% | -276.2% |
| 2007 | 17.7% | +42.6% |
| 2008 | 19.6% | +10.7% |
| 2009 | 0.1% | -99.4% |
| 2010 | 5.3% | +4628.9% |
| 2011 | 16.7% | +212.3% |
| 2012 | 15.4% | -7.5% |
| 2013 | 11.9% | -22.7% |
| 2014 | 8.9% | -25.3% |
| 2015 | -0.6% | -106.3% |
| 2016 | 1.6% | -389.1% |
| 2017 | 8.1% | +394.3% |
| 2018 | 15.8% | +96.3% |
| 2019 | 7.1% | -55.0% |
| 2020 | -2.2% | -131.5% |
| 2021 | 13.1% | -686.1% |
| 2022 | 20.3% | +54.4% |
| 2023 | 9.8% | -51.7% |
| 2024 | 2.4% | -75.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 20.7% | 9.8% | 31.3% | 10 |
| 1980s | -7.3% | -40.1% | 31.9% | 10 |
| 1990s | 6.0% | -1.2% | 23.6% | 10 |
| 2000s | 8.7% | -7.7% | 26.1% | 10 |
| 2010s | 9.0% | -0.6% | 16.7% | 10 |
| 2020s | 8.7% | -2.2% | 20.3% | 5 |
Countries ranked near Iraq
More economy & growth data for Iraq
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.44 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.56 Percent per annum (2029)
- Total reserves minus gold (current US$), annual growth rate -15.31 % change on previous year (2024)
- Total reserves minus gold (current US$), per unit of GDP 0.3113 current US$ per US$ of GDP (2024)
- Total reserves minus gold (current US$), per capita 1,891 current US$ per person (2024)
- General government final consumption expenditure (current US$) 23.58 % change on previous year (2024)
- General government final consumption expenditure (current US$), per 0.2218 current US$ per US$ of GDP (2024)
- General government final consumption expenditure (current US$), per 1,347 current US$ per person (2024)
- General government final consumption expenditure (current LCU) 22.1 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 288.38 current LCU per US$ of GDP (2024)
Frequently asked questions
- What is external balance on goods and services in Iraq?
- External balance on goods and services in Iraq was 2.4% 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 Iraq?
- The highest recorded value was 31.9% in 1980.
- What is the lowest external balance on goods and services recorded in Iraq?
- The lowest recorded value was -40.1% in 1982.
- How does Iraq rank for external balance on goods and services?
- Iraq ranks 58th out of 193 countries with data for 2024.
- Is external balance on goods and services rising or falling in Iraq?
- Over the last ten years it is down 73.2%. The long-run trend across the full record is volatile.
- Where does this Iraq 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.
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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.