External balance on goods and services (% of GDP)

This economic measure reflects the difference between a country's total exports of goods and services and its total imports, expressed as a percentage of its gross domestic product (GDP). A positive figure indicates a trade surplus, signifying that the nation is exporting more than it is importing, which can foster economic growth and strengthen national currency. Conversely, a negative value indicates a trade deficit, suggesting that imports exceed exports, potentially leading to reliance on foreign resources. This indicator is crucial for assessing a nation's economic health, informing policymakers of external competitiveness, and helping to gauge the impacts of global economic changes on domestic industry and consumption patterns. Ultimately, it serves as a vital barometer for understanding a country’s economic interaction with the rest of the world. Source: