Kuwait's external balance on goods and services (current US$) was US$28.19 billion in 2024, the latest year in the World Bank's World Development Indicators. That is down 53.12% from US$60.14 billion in 2014 (7.3% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | US$28.19 billion | 2024 |
| Five years earlier | US$17.51 billion | 2019 |
| Ten years earlier | US$60.14 billion | 2014 |
| Highest | US$84.33 billion | 2012 |
| Lowest | −US$11.98 billion | 1991 |
| Average since 2015 | US$20.16 billion | 2015–2024 |
| First recorded | US$935.2 million |
What the numbers say
In 2024, Kuwait's external balance on goods and services (current US$) fell US$3.86 billion on 2023 (from US$32.05 billion to US$28.19 billion).
Across the 30 yearly changes before that (1994 to 2023), the average change was +US$1.04 billion and a typical year strayed about US$16.54 billion from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was US$30.97 billion in 2011 and the biggest yearly fall was US$50.02 billion in 2015. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is upward, about US$4.1 billion a year. A straight line explains 55% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Kuwait had the 2nd highest value of the 33 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Kuwait in the 2024 ranking
- Oman — 2nd of 33: US$18.53 billion
- Kazakhstan — 3rd of 33: US$17.53 billion
- Bahrain — 4th of 33: US$8.26 billion
What this measures
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.
All 60 values
| Year | External balance on goods and services (current US$) |
|---|---|
| 2024 | 28,191,893,469 |
| 2023 | 32,049,742,012 |
| 2022 | 55,010,938,776 |
| 2021 | 31,822,717,583 |
| 2020 | 6,011,762,286 |
| 2019 | 17,509,576,399 |
| 2018 | 16,411,973,268 |
| 2017 | 5,494,402,505 |
| 2016 | -977,113,032 |
| 2015 | 10,118,771,356 |
External balance on goods and services (current US$) in nearby economies
- Afghanistan — −US$9.31 billion (2024)
- Algeria — −US$15.24 billion (2025)
- Bahrain — US$8.26 billion (2024)
- Djibouti — US$679.4 million (2025)
- Egypt, Arab Rep. — −US$42.71 billion (2025)
- Iran, Islamic Rep. — −US$31.68 billion (2025)
- Iraq — US$6.68 billion (2024)
- Israel — US$12.99 billion (2025)
- Lebanon — −US$9.25 billion (2024)
More economic policy & debt data for Kuwait
- Total reserves, including gold (current US$) — US$51.74 billion (2025)
- Total reserves, excluding gold (current US$) — US$40.65 billion (2025)
- GDP (current US$) — US$157.21 billion (2025)
- GDP (current LCU) — 48.18 billion (2025)
- GDP per capita (current US$) — US$32,312 (2025)
- GDP per capita (current LCU) — 9,902 (2025)
- GNI (current US$) — US$193.99 billion (2024)
- GNI (current LCU) — 59.49 billion (2024)
- GNI per capita (current LCU) — 12,148 (2024)
- General government final consumption expenditure (current US$) — US$41.5 billion (2024)
Reading data like this
Questions people ask
- What is Kuwait's external balance on goods and services (current US$)?
- US$28.19 billion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1965?
- It is up 2,915% from US$935.2 million in 1965 (5.94% a year on average, compounded). The highest value was US$84.33 billion in 2012 and the lowest −US$11.98 billion in 1991.
- How does Kuwait rank?
- 2nd highest of 33 economies with data for 2024.
- Is the latest change in external balance on goods and services (current US$) unusual for Kuwait?
- In 2024, Kuwait's external balance on goods and services (current US$) fell US$3.86 billion on 2023 (from US$32.05 billion to US$28.19 billion). Across the 30 yearly changes before that (1994 to 2023), the average change was +US$1.04 billion and a typical year strayed about US$16.54 billion from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator NE.RSB.GNFS.CD, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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