External balance on goods and services in Kuwait
Kuwait: External balance on goods and services was 17.5% in 2024. ◆ Volatile
External balance on goods and services in Kuwait, 1965–2024
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 Kuwait is 17.5%, measured in 2024.
The figure is down 9.5% on the previous year and down 52.6% over ten years.
Over the whole period, external balance on goods and services in Kuwait peaked at 71.1% in 1974 and was at its lowest, -108.8%, in 1991.
Kuwait ranks 12th of 193 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services in Kuwait, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1965 | 44.6% | — |
| 1966 | 41.3% | -7.3% |
| 1967 | 31.1% | -24.8% |
| 1968 | 35.6% | +14.7% |
| 1969 | 34.6% | -3.0% |
| 1970 | 35.7% | +3.2% |
| 1971 | 47.7% | +33.6% |
| 1972 | 47.9% | +0.5% |
| 1973 | 49.8% | +3.8% |
| 1974 | 71.1% | +42.9% |
| 1975 | 54.5% | -23.4% |
| 1976 | 45.4% | -16.7% |
| 1977 | 28.6% | -37.0% |
| 1978 | 30.7% | +7.3% |
| 1979 | 49.2% | +60.2% |
| 1980 | 44.1% | -10.4% |
| 1981 | 31.0% | -29.6% |
| 1982 | 2.1% | -93.1% |
| 1983 | 9.8% | +356.7% |
| 1984 | 15.5% | +58.2% |
| 1985 | 10.9% | -29.4% |
| 1986 | -1.8% | -116.7% |
| 1987 | 15.4% | -944.3% |
| 1988 | 4.6% | -70.0% |
| 1989 | 11.0% | +138.5% |
| 1990 | -13.1% | -219.0% |
| 1991 | -108.8% | +728.5% |
| 1992 | -13.7% | -87.4% |
| 1993 | 3.5% | -125.4% |
| 1994 | 8.5% | +144.5% |
| 1995 | 10.4% | +21.9% |
| 1996 | 13.1% | +26.1% |
| 1997 | 13.3% | +1.3% |
| 1998 | -7.2% | -154.6% |
| 1999 | 6.5% | -189.8% |
| 2000 | 26.3% | +305.0% |
| 2001 | 15.8% | -40.1% |
| 2002 | 8.0% | -49.2% |
| 2003 | 17.6% | +120.2% |
| 2004 | 24.5% | +39.2% |
| 2005 | 35.7% | +45.5% |
| 2006 | 41.4% | +15.9% |
| 2007 | 35.1% | -15.2% |
| 2008 | 40.8% | +16.3% |
| 2009 | 30.1% | -26.4% |
| 2010 | 36.3% | +20.8% |
| 2011 | 47.3% | +30.3% |
| 2012 | 48.5% | +2.4% |
| 2013 | 44.1% | -8.9% |
| 2014 | 37.0% | -16.2% |
| 2015 | 8.8% | -76.1% |
| 2016 | -0.9% | -110.1% |
| 2017 | 4.6% | -609.7% |
| 2018 | 11.8% | +160.0% |
| 2019 | 12.4% | +5.0% |
| 2020 | 5.4% | -56.4% |
| 2021 | 21.5% | +296.2% |
| 2022 | 30.0% | +39.8% |
| 2023 | 19.4% | -35.4% |
| 2024 | 17.5% | -9.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 37.4% | 31.1% | 44.6% | 5 |
| 1970s | 46.0% | 28.6% | 71.1% | 10 |
| 1980s | 14.3% | -1.8% | 44.1% | 10 |
| 1990s | -8.8% | -108.8% | 13.3% | 10 |
| 2000s | 27.5% | 8.0% | 41.4% | 10 |
| 2010s | 25.0% | -0.9% | 48.5% | 10 |
| 2020s | 18.7% | 5.4% | 30.0% | 5 |
Countries ranked near Kuwait
More economy & growth data for Kuwait
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.82 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.61 Percent per annum (2029)
- Exports of goods and services (current LCU), annual growth rate -6.19 % change on previous year (2024)
- Exports of goods and services (current LCU), per unit of GDP 0.171 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), per capita 5,618 current LCU per person (2024)
- Exports of goods and services (constant 2015 US$), annual growth rate -3.2 % change on previous year (2024)
- Exports of goods and services (constant 2015 US$), per unit of GDP 0.366 constant 2015 US$ per US$ of GDP (2024)
- Exports of goods and services (constant 2015 US$), per capita 12,026 constant 2015 US$ per person (2024)
- Gross fixed capital formation (current US$), annual growth rate -10.36 % change on previous year (2024)
- Gross fixed capital formation (current US$), per unit of GDP 0.1675 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is external balance on goods and services in Kuwait?
- External balance on goods and services in Kuwait was 17.5% 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 Kuwait?
- The highest recorded value was 71.1% in 1974.
- What is the lowest external balance on goods and services recorded in Kuwait?
- The lowest recorded value was -108.8% in 1991.
- How does Kuwait rank for external balance on goods and services?
- Kuwait ranks 12th out of 193 countries with data for 2024.
- Is external balance on goods and services rising or falling in Kuwait?
- Over the last ten years it is down 52.6%. The long-run trend across the full record is volatile.
- Where does this Kuwait 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.