Those 162 countries showcased in this article incurred international deficits due to their export sales revenues coming in below outflowing payments for imported products.
On a more upbeat note, 68 of all global traders generated a positive trade balance during 2024 compared to 64 surplus-earners one year earlier.
Trade Surpluses by Country
The following trade entities earned a collective trade surplus totaling an overall US$2.959 trillion during 2024, up from $2.756 trillion for 2023.
| Rank | Trade Entity | Trade Surplus | 2023-4 |
|---|---|---|---|
| 1. | mainland China | $988,162,431,000 | +19.1% |
| 2. | Germany | $258,804,086,000 | +4% |
| 3. | Russia | $192,135,006,000 | -6% |
| 4. | Vietnam | $137,342,774,000 | +397% |
| 5. | Ireland | $97,666,765,000 | +56.9% |
| 6. | Netherlands | $86,885,704,000 | +10.8% |
| 7. | Taiwan | $80,556,210,000 | -0.9% |
| 8. | Switzerland | $77,187,034,000 | +41.9% |
| 9. | Brazil | $74,176,556,000 | -25% |
| 10. | Saudi Arabia | $73,329,991,000 | -33.3% |
| 11. | Norway | $69,322,884,000 | -13.9% |
| 12. | Australia | $61,393,436,000 | -35.3% |
| 13. | Italy | $59,274,509,000 | +59.5% |
| 14. | Qatar | $57,181,103,000 | -13.8% |
| 15. | Iraq | $56,787,574,000 | +91.4% |
| 16. | South Korea | $51,593,473,000 | -598.7% |
| 17. | Singapore | $47,265,508,000 | -10.7% |
| 18. | Oman | $40,709,222,000 | +101.2% |
| 19. | Kuwait | $37,884,691,000 | -18.5% |
| 20. | Indonesia | $31,044,696,000 | -16.2% |
| 21. | Belgium | $30,484,973,000 | +72.7% |
| 22. | Malaysia | $29,964,246,000 | -36.2% |
| 23. | Czech Republic | $29,895,470,000 | +22.5% |
| 24. | Angola | $25,304,284,000 | +10.1% |
| 25. | Chile | $23,623,735,000 | +19.3% |
| 26. | Kazakhstan | $21,831,106,000 | +24.2% |
| 27. | Peru | $19,637,649,000 | +59.2% |
| 28. | Argentina | $18,898,609,000 | -369.5% |
| 29. | Democratic Republic Congo | $17,348,054,000 | +510.4% |
| 30. | Hungary | $16,074,558,000 | +75.1% |
| 31. | Guyana | $15,204,036,000 | +172.4% |
| 32. | Canada | $14,980,798,000 | +63.2% |
| 33. | Denmark | $11,862,386,000 | +22.6% |
| 34. | Nigeria | $10,502,099,000 | +13809% |
| 35. | Turkmenistan | $9,870,970,000 | -1.2% |
| 36. | Libya | $9,556,320,000 | -23.6% |
| 37. | South Africa | $9,146,598,000 | +169.1% |
| 38. | Papua New Guinea | $8,311,275,000 | +121.1% |
| 39. | Sweden | $6,787,140,000 | +58.1% |
| 40. | Azerbaijan | $5,496,013,000 | -66.9% |
| 41. | Gabon | $5,104,991,000 | -39.8% |
| 42. | Ecuador | $4,930,774,000 | +2037% |
| 43. | Mongolia | $4,156,725,000 | -29.9% |
| 44. | Brunei Darussalam | $3,963,958,000 | +6.3% |
| 45. | Algeria | $3,622,583,000 | -77% |
| 46. | Equatorial Guinea | $3,452,987,000 | -16.4% |
| 47. | Congo | $3,436,671,000 | -27.9% |
| 48. | Ivory Coast | $3,329,559,000 | -795.7% |
| 49. | Myanmar | $2,471,677,000 | -246.5% |
| 50. | Chad | $2,277,480,000 | -18.3% |
| 51. | Guinea | $1,970,163,000 | -82.2% |
| 52. | Austria | $1,886,446,000 | -164.6% |
| 53. | Laos | $1,837,516,000 | -277.9% |
| 54. | Poland | $837,117,000 | -92.1% |
| 55. | Slovakia | $657,641,000 | -61.5% |
| 56. | Greenland | $524,734,000 | -2.8% |
| 57. | Trinidad/Tobago | $241,140,000 | -118.7% |
| 58. | Eritrea | $215,803,000 | +66.9% |
| 59. | Micronesia | $162,775,000 | +1168% |
| 60. | Tunisia | $158,174,000 | -102.7% |
| 61. | Nauru | $136,963,000 | -9.5% |
| 62. | Solomon Islands | $99,944,000 | -388.7% |
| 63. | Falkland Is (Malvinas) | $83,241,000 | -55.4% |
| 64. | Montserrat | $62,057,000 | -248.6% |
| 65. | Eswatini | $13,556,000 | -76.2% |
| 66. | Zambia | $7,815,000 | -97.5% |
| 67. | Western Sahara | $2,589,000 | -48% |
| 68. | British Antarctic Territory | $4,000 | -94.1% |
Year over year, the fastest-increasing trade surpluses belong to Nigeria (up 13,809% from 2023), Ecuador (up 2,037%), Micronesia (up 1,168%), Democratic Republic of the Congo (up 510.4%), then Vietnam (up 397%).
Among the world’s biggest economies, mainland China’s trade surplus grew by 19.1% from 2023 to 2024 while Germany’s black ink from international trade expanded by 4% year over year.
Ivory Coast (down -795.7%) and South Korea (down -598.7%) recorded much smaller trade surpluses in 2024 compared to 2023.
Trade Deficits by Country
One hundred and sixty-two trade entities recorded deficits for 2024, outpacing the 68 countries, islands, territories or other geographic that earned surpluses over the same timeframe.
Collectively, the overall trade deficit for these 162 geographies totaled a sum equal to -US$3.109 trillion in red ink for 2024 up from -$2.969 trillion one year earlier.
Out of the 162 trade entities that registered a deficit in 2024, over half (89) saw their negative trade balances expand compared to the corresponding amount of international red ink for 2023.
| Rank | Trade Entity | Trade Deficit | 2023-4 |
|---|---|---|---|
| 1. | United States | -$1,294,793,613,000 | +12.3% |
| 2. | United Kingdom | -$302,669,139,000 | +11.2% |
| 3. | India | -$261,072,864,000 | +7.6% |
| 4. | France | -$113,868,609,000 | -18.4% |
| 5. | Türkiye | -$82,215,771,000 | -22.7% |
| 6. | Philippines | -$61,898,521,000 | +1.7% |
| 7. | Hong Kong | -$58,336,899,000 | -26.5% |
| 8. | Egypt | -$49,851,100,000 | +21.3% |
| 9. | Spain | -$47,600,195,000 | -2.6% |
| 10. | Romania | -$36,148,482,000 | +15.4% |
| 11. | Greece | -$35,916,011,000 | +7% |
| 12. | Japan | -$35,272,022,000 | -47% |
| 13. | Portugal | -$30,183,528,000 | +2% |
| 14. | Ukraine | -$30,086,067,000 | +9.9% |
| 15. | Israel | -$29,834,921,000 | +28.3% |
| 16. | Liberia | -$26,814,438,000 | +1232% |
| 17. | Pakistan | -$24,062,102,000 | +12.4% |
| 18. | Uzbekistan | -$23,667,886,000 | +51.3% |
| 19. | Dominican Republic | -$19,778,412,000 | +1.8% |
| 20. | Croatia | -$19,424,083,000 | +8.6% |
| 21. | Guatemala | -$17,900,559,000 | +11% |
| 22. | United Arab Emirates | -$16,413,892,000 | -116.5% |
| 23. | Marshall Islands | -$15,577,785,000 | -8.7% |
| 24. | Morocco | -$15,063,201,000 | -46.6% |
| 25. | Macao | -$14,822,675,000 | -9.3% |
| 26. | Colombia | -$14,552,696,000 | +9.8% |
| 27. | Panama | -$13,505,187,000 | -23% |
| 28. | Jordan | -$12,514,862,000 | -4.6% |
| 29. | Kenya | -$11,947,324,000 | +4% |
| 30. | Lebanon | -$11,717,345,000 | -13.6% |
| 31. | Serbia | -$10,997,249,000 | +24.2% |
| 32. | Thailand | -$10,906,005,000 | -8.9% |
| 33. | Iran | -$10,454,690,000 | -126.9% |
| 34. | Belarus | -$10,075,222,000 | -0.8% |
| 35. | Georgia | -$9,877,877,000 | +24.4% |
| 36. | El Salvador | -$9,525,139,000 | +4.1% |
| 37. | Luxembourg | -$9,272,125,000 | +4.5% |
| 38. | Nepal | -$9,089,722,000 | -0.3% |
| 39. | Gibraltar | -$9,003,352,000 | -4.8% |
| 40. | Cyprus | -$8,925,939,000 | -0.1% |
| 41. | Slovenia | -$8,355,539,000 | +282.8% |
| 42. | Yemen | -$8,319,665,000 | -25.4% |
| 43. | Kyrgyzstan | -$8,167,062,000 | -10.6% |
| 44. | Bahrain | -$7,582,943,000 | +157.3% |
| 45. | Honduras | -$7,538,040,000 | +4.6% |
| 46. | Djibouti | -$7,419,579,000 | +1354% |
| 47. | Bulgaria | -$7,159,114,000 | +27.2% |
| 48. | Tanzania | -$6,982,481,000 | -11% |
| 49. | Bosnia/Herzegovina | -$6,959,423,000 | +13.7% |
| 50. | Mexico | -$6,891,951,000 | +25.8% |
| 51. | Sri Lanka | -$6,580,987,000 | +40.6% |
| 52. | Uganda | -$5,793,581,000 | +5.8% |
| 53. | Paraguay | -$5,762,170,000 | +35.1% |
| 54. | Malta | -$5,664,574,000 | +15% |
| 55. | Albania | -$5,603,105,000 | +30.5% |
| 56. | Moldova | -$5,510,126,000 | +19.1% |
| 57. | Jamaica | -$5,496,089,000 | -9.5% |
| 58. | Senegal | -$5,078,594,000 | -22.6% |
| 59. | Mauritius | -$5,048,219,000 | +13.6% |
| 60. | Mali | -$4,991,404,000 | +107.1% |
| 61. | Lithuania | -$4,927,472,000 | -14.9% |
| 62. | Cayman Islands | -$4,751,800,000 | +166% |
| 63. | Tajikistan | -$4,682,653,000 | +6.2% |
| 64. | Ethiopia | -$4,641,342,000 | -67.3% |
| 65. | Afghanistan | -$4,599,370,000 | -34.4% |
| 66. | New Zealand | -$4,476,514,000 | -56.1% |
| 67. | Bangladesh | -$4,454,173,000 | -64.5% |
| 68. | Ghana | -$4,067,053,000 | -946.8% |
| 69. | Bahamas | -$3,999,618,000 | +14.7% |
| 70. | Nicaragua | -$3,946,039,000 | +11.5% |
| 71. | Costa Rica | -$3,801,378,000 | -13.8% |
| 72. | Armenia | -$3,779,647,000 | +3.5% |
| 73. | Montenegro | -$3,738,106,000 | +10.2% |
| 74. | Maldives | -$3,549,484,000 | +9.8% |
| 75. | North Macedonia | -$3,543,607,000 | +15.9% |
| 76. | Botswana | -$3,194,856,000 | +316.4% |
| 77. | Latvia | -$3,108,650,000 | -22.4% |
| 78. | Cuba | -$3,021,407,000 | +8.4% |
| 79. | Estonia | -$2,898,584,000 | -12.9% |
| 80. | Iceland | -$2,882,655,000 | +1.2% |
| 81. | Syria | -$2,875,493,000 | -9.3% |
| 82. | Somalia | -$2,766,515,000 | -34.9% |
| 83. | Haiti | -$2,729,280,000 | -6.1% |
| 84. | Curaçao | -$2,450,914,000 | +40.1% |
| 85. | Malawi | -$2,356,363,000 | +2.5% |
| 86. | Namibia | -$2,297,299,000 | +32.1% |
| 87. | Uruguay | -$2,274,339,000 | -31% |
| 88. | Finland | -$2,259,031,000 | +329.6% |
| 89. | Benin | -$2,253,741,000 | -28.6% |
| 90. | Madagascar | -$2,246,662,000 | +42% |
| 91. | Zimbabwe | -$2,133,439,000 | +8% |
| 92. | French Polynesia | -$2,130,868,000 | +3.5% |
| 93. | Cambodia | -$2,046,003,000 | +223.9% |
| 94. | Fiji | -$1,972,443,000 | -4% |
| 95. | Palestine | -$1,865,096,000 | -72.4% |
| 96. | Togo | -$1,855,449,000 | +16% |
| 97. | Andorra | -$1,770,880,000 | +1.6% |
| 98. | Barbados | -$1,692,285,000 | +2.1% |
| 99. | Venezuela | -$1,650,828,000 | -58.5% |
| 100. | North Korea | -$1,558,023,000 | -7.3% |
| 101. | Saint Lucia | -$1,548,051,000 | +47.4% |
| 102. | Rwanda | -$1,509,484,000 | +73.3% |
| 103. | Aruba | -$1,260,499,000 | -11.6% |
| 104. | US Minor Outlying Islands | -$1,259,243,000 | -12.9% |
| 105. | Bermuda | -$1,202,314,000 | +3.8% |
| 106. | Belize | -$1,163,271,000 | +7% |
| 107. | Burundi | -$1,083,063,000 | +12.3% |
| 108. | Cameroon | -$1,054,413,000 | -68.1% |
| 109. | Mozambique | -$1,001,373,000 | -44.2% |
| 110. | Bhutan | -$987,407,000 | +15.6% |
| 111. | Timor-Leste | -$965,598,000 | +29.4% |
| 112. | Gambia | -$938,808,000 | -59.2% |
| 113. | Sudan | -$914,647,000 | -46.6% |
| 114. | Seychelles | -$913,383,000 | -0.8% |
| 115. | Lesotho | -$873,928,000 | -3.3% |
| 116. | Turks/Caicos Islands | -$860,280,000 | +22.7% |
| 117. | Cabo Verde | -$847,410,000 | -3.9% |
| 118. | Bolivia | -$845,020,000 | +44.5% |
| 119. | British Virgin Islands | -$832,916,000 | +37.1% |
| 120. | Burkina Faso | -$790,879,000 | -44.4% |
| 121. | Mauritania | -$668,337,000 | -10.3% |
| 122. | Antigua/Barbuda | -$629,743,000 | -1.9% |
| 123. | Bonaire/St Eustatius/Saba | -$618,246,000 | +21.6% |
| 124. | Grenada | -$591,288,000 | +5.1% |
| 125. | Central African Republic | -$574,977,000 | -8.6% |
| 126. | Sierra Leone | -$553,928,000 | +5.9% |
| 127. | Niger | -$493,410,000 | -81.5% |
| 128. | South Sudan | -$479,982,000 | -41.3% |
| 129. | Samoa | -$448,288,000 | +4.1% |
| 130. | St Vincent/Grenadines | -$441,069,000 | +6.1% |
| 131. | New Caledonia | -$371,229,000 | +28.8% |
| 132. | Comoros | -$332,567,000 | +36% |
| 133. | Saint Kitts/Nevis | -$323,912,000 | +11.2% |
| 134. | Guinea-Bissau | -$309,853,000 | -34.7% |
| 135. | Tonga | -$284,278,000 | -9.6% |
| 136. | Cook Islands | -$278,672,000 | +26.2% |
| 137. | Suriname | -$266,412,000 | -143.4% |
| 138. | Dominica | -$263,896,000 | -5.5% |
| 139. | St Maarten (Dutch) | -$256,173,000 | +17.8% |
| 140. | Vanuatu | -$236,803,000 | -16.3% |
| 141. | Palau | -$182,358,000 | -11.3% |
| 142. | Northern Mariana Islands | -$148,976,000 | -7.3% |
| 143. | Anguilla | -$137,869,000 | +14% |
| 144. | British Indian Ocean Territory | -$119,991,000 | +52.7% |
| 145. | American Samoa | -$118,147,000 | +2.4% |
| 146. | Guam | -$115,908,000 | -3.2% |
| 147. | Sao Tome/Principe | -$109,513,000 | -34.4% |
| 148. | Kiribati | -$82,061,000 | -3.4% |
| 149. | Saint Pierre/Miquelon | -$63,370,000 | +6.8% |
| 150. | Wallis/Futuna Islands | -$57,460,000 | +9.8% |
| 151. | French Southern/Antarctic Terr | -$53,200,000 | +13.9% |
| 152. | Niue | -$48,165,000 | +657.9% |
| 153. | Faroe Islands | -$47,414,000 | -115.6% |
| 154. | Norfolk Island | -$40,273,000 | +14% |
| 155. | Christmas Island | -$37,854,000 | -54.6% |
| 156. | Tuvalu | -$32,838,000 | -63.7% |
| 157. | Saint Helena | -$20,901,000 | -24% |
| 158. | Bouvet Island | -$14,710,000 | +5389% |
| 159. | Cocos (Keeling) Islands | -$11,811,000 | +18.9% |
| 160. | Tokelau | -$5,663,000 | -103.7% |
| 161. | Pitcairn | -$3,060,000 | -45.3% |
| 162. | Neutral Zone | -$25,000 | -97.1% |
Year over year, the fastest-increasing trade deficit was recorded by Bouvet Island via its 5,389% increase in red ink from 2023.
Djibouti incurred the second-highest expansion in negative trade balance (up 1,354%) ahead of Liberia (up 1,232%), Niue (up 657.9%) and Finland (up 329.6%).
The country recording the greatest overall trade deficit, the United States of America, increased by 12.3% from 2023 to 2024.
Research Sources:
Investopedia, Net Exports Definition. Accessed on July 10, 2025
International Trade Centre Trade Map,. Accessed on July 10, 2025
Wikipedia, Balance of trade. Accessed on July 10, 2025