Trade in services in Caribbean Small States
Caribbean Small States: Trade in services was 35.2% in 2023. ▼ Falling
Trade in services in Caribbean Small States, 1976–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
The most recent figure for trade in services in Caribbean Small States is 35.2%, measured in 2023.
Compared with earlier readings it is up 9.8% on the previous year and up 30.9% over ten years.
Over the whole period, trade in services in Caribbean Small States peaked at 40.9% in 1993 and was at its lowest, 22.7%, in 2008.
That places Caribbean Small States 4th out of 47 groups with data for 2023, putting it in the top 10%.
The long-run direction has been consistently falling across the 48 years of available data.
Trade in services in Caribbean Small States, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1976 | 33.9% | — |
| 1977 | 32.4% | -4.4% |
| 1978 | 31.6% | -2.5% |
| 1979 | 30.7% | -2.8% |
| 1980 | 29.0% | -5.6% |
| 1981 | 28.1% | -3.1% |
| 1982 | 27.6% | -1.9% |
| 1983 | 27.2% | -1.3% |
| 1984 | 27.3% | +0.3% |
| 1985 | 28.6% | +5.0% |
| 1986 | 36.6% | +27.8% |
| 1987 | 35.1% | -4.1% |
| 1988 | 36.8% | +4.9% |
| 1989 | 39.1% | +6.2% |
| 1990 | 37.7% | -3.5% |
| 1991 | 36.8% | -2.5% |
| 1992 | 38.3% | +4.3% |
| 1993 | 40.9% | +6.7% |
| 1994 | 40.6% | -0.8% |
| 1995 | 38.2% | -5.9% |
| 1996 | 38.6% | +1.2% |
| 1997 | 34.3% | -11.2% |
| 1998 | 34.0% | -0.8% |
| 1999 | 32.6% | -4.2% |
| 2000 | 33.7% | +3.4% |
| 2001 | 31.1% | -7.8% |
| 2002 | 31.7% | +2.0% |
| 2003 | 30.8% | -2.9% |
| 2004 | 30.4% | -1.2% |
| 2005 | 29.9% | -1.6% |
| 2006 | 26.4% | -11.9% |
| 2007 | 25.6% | -2.8% |
| 2008 | 22.7% | -11.5% |
| 2009 | 24.8% | +9.4% |
| 2010 | 23.4% | -5.7% |
| 2011 | 26.6% | +13.7% |
| 2012 | 26.8% | +0.5% |
| 2013 | 26.9% | +0.5% |
| 2014 | 27.3% | +1.5% |
| 2015 | 27.5% | +0.7% |
| 2016 | 31.0% | +13.0% |
| 2017 | 31.0% | -0.3% |
| 2018 | 31.8% | +2.7% |
| 2019 | 33.0% | +3.6% |
| 2020 | 23.5% | -28.7% |
| 2021 | 27.5% | +16.9% |
| 2022 | 32.0% | +16.6% |
| 2023 | 35.2% | +9.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 32.2% | 30.7% | 33.9% | 4 |
| 1980s | 31.5% | 27.2% | 39.1% | 10 |
| 1990s | 37.2% | 32.6% | 40.9% | 10 |
| 2000s | 28.7% | 22.7% | 33.7% | 10 |
| 2010s | 28.5% | 23.4% | 33.0% | 10 |
| 2020s | 29.6% | 23.5% | 35.2% | 4 |
Countries ranked near Caribbean Small States
More economy & growth data for Caribbean Small States
- GNI, Atlas method (current US$), annual growth rate 3.62 % change on previous year (2025)
- GNI per capita, Atlas method 19,403 current US$ (2025)
- GNI (current US$), per capita 19,164 current US$ per person (2025)
- GNI (current US$), per unit of GDP 0.9178 current US$ per US$ of GDP (2025)
- GNI (current US$), annual growth rate 3.26 % change on previous year (2025)
- GNI, Atlas method (current US$), per capita 19,403 current US$ per person (2025)
- GNI, Atlas method (current US$), per unit of GDP 0.9292 current US$ per US$ of GDP (2025)
- GDP (constant 2015 US$), annual growth rate 7.98 % change on previous year (2025)
- GDP (current US$), annual growth rate 5.2 % change on previous year (2025)
- GDP (current US$), per capita 20,880 current US$ per person (2025)
Frequently asked questions
- What is trade in services in Caribbean Small States?
- Trade in services in Caribbean Small States was 35.2% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest trade in services recorded in Caribbean Small States?
- The highest recorded value was 40.9% in 1993.
- What is the lowest trade in services recorded in Caribbean Small States?
- The lowest recorded value was 22.7% in 2008.
- How does Caribbean Small States rank for trade in services?
- Caribbean Small States ranks 4th out of 47 groups with data for 2023.
- Is trade in services rising or falling in Caribbean Small States?
- Over the last ten years it is up 30.9%. The long-run trend across the full record is falling.
- Where does this Caribbean Small States data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Trade in services (% of GDP). Statizoid updates them automatically from the source API.
Download this data
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About this data
Total trade in services includes services provided by residents to non-residents plus services provided by non-residents to residents. 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.