Mapped: The World’s Biggest Trade Surpluses and Deficits
Key Takeaways
- The UAE has the largest trade surplus among major economies, equal to 27.8% of GDP, followed by Ireland at 22.9%.
- China runs a trade surplus equal to 5.5% of GDP, while the U.S. runs a deficit equal to 3.2%.
- Among major economies, Ukraine has the largest trade deficit relative to GDP at 23.0%, followed by Hong Kong at 12.8%.
Trade balances can vary dramatically relative to the size of an economy.
Using data from the World Trade Organization and the International Monetary Fund, this graphic maps trade surpluses and deficits around the world as a share of GDP.
How Trade Balances Compare Around the World
Trade balances range from large surpluses among export-heavy energy producers and manufacturing hubs to sizable deficits in economies that buy more from abroad than they sell.
The table below compares 190 economies by their trade balance in goods and services as a share of GDP. Positive figures indicate a surplus, while negative figures indicate a deficit.
| Rank | Country | Trade Balance 2025 (% of GDP) |
|---|---|---|
| 1 | Macao | 43.2% |
| 2 | Gabon | 35.1% |
| 3 | Bahrain | 33.2% |
| 4 | Papua New Guinea | 28.9% |
| 5 | UAE | 27.8% |
| 6 | Libya | 24.1% |
| 7 | Ireland | 22.9% |
| 8 | Luxembourg | 21.7% |
| 9 | Brunei Darussalam | 21.1% |
| 10 | Qatar | 19.5% |
| 11 | Singapore | 16.3% |
| 12 | Aruba | 15.3% |
| 13 | Guyana | 14.9% |
| 14 | Taiwan | 14.5% |
| 15 | Turkmenistan | 14.0% |
| 16 | Guinea | 13.9% |
| 17 | Laos | 13.7% |
| 18 | Burkina Faso | 12.9% |
| 19 | Netherlands | 12.3% |
| 20 | Slovenia | 10.7% |
| 21 | Malta | 10.4% |
| 22 | Oman | 10.2% |
| 23 | Norway | 10.0% |
| 24 | Iran | 9.8% |
| 25 | Côte d'Ivoire | 9.3% |
| 26 | Hungary | 8.9% |
| 27 | Kuwait | 8.8% |
| 28 | Czech Republic | 8.7% |
| 29 | Chad | 8.1% |
| 30 | Ghana | 7.8% |
| 31 | Malaysia | 7.5% |
| 32 | Equatorial Guinea | 7.2% |
| 33 | Costa Rica | 7.1% |
| 34 | Mongolia | 7.0% |
| 35 | Angola | 6.4% |
| 36 | Djibouti | 6.1% |
| 37 | China | 5.5% |
| 38 | Kazakhstan | 4.5% |
| 39 | Peru | 4.1% |
| 40 | Lithuania | 3.6% |
| 41 | Poland | 3.5% |
| 42 | Cyprus | 3.2% |
| 43 | Spain | 3.1% |
| 44 | Switzerland | 3.0% |
| 45 | Germany | 2.7% |
| 45 | Russia | 2.7% |
| 47 | Denmark | 2.4% |
| 48 | South Korea | 2.3% |
| 49 | Belgium | 2.2% |
| 50 | Myanmar | 2.1% |
| 50 | Italy | 2.1% |
| 52 | Slovak Republic | 2.0% |
| 53 | Ecuador | 1.9% |
| 54 | Vietnam | 1.8% |
| 55 | Chile | 1.6% |
| 56 | Indonesia | 1.5% |
| 57 | Tunisia | 1.1% |
| 58 | Panama | 0.5% |
| 58 | Israel | 0.5% |
| 58 | Portugal | 0.5% |
| 61 | Austria | 0.2% |
| 62 | Brazil | 0.1% |
| 62 | Australia | 0.1% |
| 64 | Argentina | -0.3% |
| 64 | Sweden | -0.3% |
| 66 | Uruguay | -0.4% |
| 67 | Nigeria | -0.5% |
| 67 | Saudi Arabia | -0.5% |
| 67 | Eswatini | -0.5% |
| 70 | Cambodia | -0.6% |
| 70 | New Zealand | -0.6% |
| 72 | Tanzania | -0.7% |
| 73 | Thailand | -0.8% |
| 74 | Canada | -0.9% |
| 74 | Japan | -0.9% |
| 76 | France | -1.2% |
| 77 | Mexico | -1.6% |
| 78 | Türkiye | -1.8% |
| 79 | Democratic Republic of the Congo | -2.0% |
| 79 | Azerbaijan | -2.0% |
| 79 | Finland | -2.0% |
| 82 | Zambia | -2.1% |
| 82 | Bolivia | -2.1% |
| 84 | Estonia | -2.2% |
| 85 | Trinidad and Tobago | -2.3% |
| 86 | Republic of Congo | -2.6% |
| 87 | Albania | -2.7% |
| 87 | Bulgaria | -2.7% |
| 89 | Zimbabwe | -3.0% |
| 89 | Belarus | -3.0% |
| 89 | United Kingdom | -3.0% |
| 92 | U.S. | -3.2% |
| 93 | Gambia | -3.3% |
| 94 | Algeria | -3.4% |
| 94 | Iraq | -3.4% |
| 96 | South Africa | -3.5% |
| 97 | Niger | -3.7% |
| 98 | Benin | -3.9% |
| 98 | Belize | -3.9% |
| 98 | Latvia | -3.9% |
| 101 | Greece | -4.2% |
| 101 | Iceland | -4.2% |
| 103 | India | -4.3% |
| 104 | Colombia | -4.5% |
| 105 | Senegal | -4.6% |
| 106 | Sierra Leone | -4.7% |
| 106 | Dominican Republic | -4.7% |
| 108 | Venezuela | -5.2% |
| 108 | Croatia | -5.2% |
| 110 | South Sudan | -5.5% |
| 110 | Romania | -5.5% |
| 112 | Bangladesh | -6.1% |
| 113 | Sri Lanka | -6.6% |
| 113 | Guinea-Bissau | -6.6% |
| 115 | Mali | -7.1% |
| 116 | Serbia | -7.2% |
| 117 | Botswana | -7.4% |
| 118 | Seychelles | -7.7% |
| 119 | Kenya | -8.1% |
| 120 | Cameroon | -8.3% |
| 120 | Bahamas | -8.3% |
| 122 | Sudan | -8.6% |
| 123 | Suriname | -8.7% |
| 124 | Philippines | -9.0% |
| 125 | Pakistan | -9.4% |
| 126 | Central African Republic | -10.0% |
| 127 | Mozambique | -11.0% |
| 128 | Egypt | -11.3% |
| 128 | Armenia | -11.3% |
| 130 | Morocco | -11.4% |
| 131 | Madagascar | -11.7% |
| 132 | Liberia | -12.2% |
| 132 | Ethiopia | -12.2% |
| 134 | Uganda | -12.6% |
| 135 | Marshall Islands | -12.7% |
| 136 | Hong Kong | -12.8% |
| 137 | Togo | -13.4% |
| 138 | Afghanistan | -13.6% |
| 139 | Mauritius | -13.9% |
| 140 | Solomon Islands | -14.0% |
| 140 | Haiti | -14.0% |
| 142 | Paraguay | -14.5% |
| 143 | Sao Tomé and Principe | -14.8% |
| 143 | Fiji | -14.8% |
| 145 | Uzbekistan | -15.3% |
| 146 | Bosnia and Herzegovina | -15.7% |
| 147 | Rwanda | -15.8% |
| 147 | Burundi | -15.8% |
| 149 | Mauritania | -16.2% |
| 150 | North Macedonia | -16.4% |
| 151 | Nicaragua | -16.7% |
| 152 | Samoa | -16.8% |
| 153 | Jordan | -17.0% |
| 154 | Honduras | -17.2% |
| 155 | Georgia | -17.5% |
| 156 | Guatemala | -17.6% |
| 157 | Malawi | -18.0% |
| 158 | Namibia | -18.3% |
| 159 | Jamaica | -18.9% |
| 160 | Comoros | -20.1% |
| 161 | Somalia | -20.3% |
| 162 | Nauru | -20.5% |
| 163 | Barbados | -22.5% |
| 164 | Ukraine | -23.0% |
| 165 | El Salvador | -24.8% |
| 166 | Montenegro | -27.7% |
| 167 | Nepal | -28.9% |
| 168 | Moldova | -30.5% |
| 169 | Dominica | -31.6% |
| 170 | Vanuatu | -33.2% |
| 171 | Saint Kitts and Nevis | -34.8% |
| 172 | Saint Lucia | -34.9% |
| 173 | Tonga | -35.6% |
| 174 | Bhutan | -38.0% |
| 175 | Tajikistan | -38.7% |
| 176 | Antigua and Barbuda | -39.9% |
| 177 | Micronesia | -40.0% |
| 178 | Saint Vincent and the Grenadines | -40.1% |
| 179 | Maldives | -41.4% |
| 180 | Andorra | -42.4% |
| 181 | Grenada | -43.5% |
| 182 | Cabo Verde | -44.0% |
| 183 | Palau | -46.1% |
| 184 | Tuvalu | -46.6% |
| 185 | Kyrgyz Republic | -46.9% |
| 186 | Lebanese Republic | -48.2% |
| 187 | Lesotho | -54.4% |
| 188 | Yemen | -56.4% |
| 189 | Timor-Leste | -61.4% |
| 190 | Kiribati | -165.3% |
Two of the world’s largest economies sit on opposite sides of the trade balance.
China ran a trade surplus equal to 5.5% of GDP in 2025, compared with a 3.2% deficit in the United States. In goods alone, China’s trade surplus reached a record $1.2 trillion in 2025.
Germany and South Korea also recorded surpluses of 2.7% and 2.3% of GDP, respectively. Germany’s export base is anchored by cars and machinery, while South Korea is a global powerhouse in semiconductors.
Several other major economies ran deficits, including India (-4.3%), the UK (-3.0%), France (-1.2%), Canada (-0.9%), and Japan (-0.9%).
Why Some Countries Run Much Larger Trade Surpluses
Energy exports help explain some of the largest surpluses. The UAE, Qatar, Oman, Norway, and Kuwait all benefit from sizable oil and gas exports, while economies such as Ireland, Singapore, and Taiwan play major roles in pharmaceuticals, technology, and semiconductors.
Trade deficits, meanwhile, do not necessarily signal economic weakness. A deficit simply means a country imports more goods and services than it exports. The U.S., for example, was the world’s largest goods importer in 2025 at roughly $3.5 trillion, even as it ranked second globally in exports.
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To learn more about this topic, check out this graphic on the biggest shifts in U.S. trade in 2026.