Somalia: Trade balance, percent of GDP
* indicates monthly or quarterly data series
| Somalia |
Trade balance as percent of GDP |
|---|---|
| Latest value | -58.79 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1960 - 2023 |
| Average | -28.19 |
| Min - Max | -61.21 - -3.49 |
| Source | The World Bank |
The latest value from 2023 is -58.79 percent, an increase from -61.21 percent in 2022. In comparison, the world average is -3.03 percent, based on data from 137 countries. Historically, the average for Somalia from 1960 to 2023 is -28.19 percent. The minimum value, -61.21 percent, was reached in 2022 while the maximum of -3.49 percent was recorded in 1965.
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* indicates monthly or quarterly data series
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The trade balance for Somalia and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Definition: External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services).
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 121.58 | 2021 | percent |
| Trade openness | 92.69 | 2023 | percent |
| Financial openness | -1.931 | 2007 | index points |
| Exports, percent of GDP | 19.73 | 2023 | percent |
| Exports, billion dollars | 2.16 | 2023 | billion U.S. dollars |
| Growth of exports | 5.95 | 2023 | percent |
| Imports, percent of GDP | 76.69 | 2023 | percent |
| Imports, billion dollars | 8.00 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 5.79 | 2023 | percent |
| Foreign Direct Investment, billion dollars | -0.04 | 1989 | billion U.S. dollars |
| Portfolio investment inflows, equities | 0.00 | 1989 | million dollars (current) |
| Current account, percent of GDP | -12.40 | 2023 | percent |
| Trade balance, percent of GDP | -58.79 | 2023 | percent |
| Reserves | 0.02 | 1989 | billion U.S. dollars |
| Remittances, percent of GDP | 14.85 | 2023 | percent |
| Remittances | 1,735.00 | 2023 | million U.S. dollars |
| External debt | 40.14 | 2022 | percent |
| Short-term external debt | 21.54 | 2023 | percent |
| Short-term debt to reserves | 842.53 | 1989 | percent |