ASEAN in Data / Macro / External balance
Macro / External balance

External balance

Current account, reserves, and external debt across the SEA-11. Read the insight →
Separate concepts · mixed vintages

Current-account balance

Deficits extend left of zero; surpluses right. This is the external current account, not the fiscal budget balance. Timor-Leste requires Petroleum Fund and import-dependence context.

% of GDP · balance of payments

WDI / IMF IFS · MIXED VINTAGES

SEA-11 · Singapore is regional context, outside the peer five

Read observation years separately. Regional scales stay fixed when filtering peers.

Current-account balance: source, year and as_of by country
Country% of GDP · balance of payments
-40020
YearSource & notes
BruneiOil / gas cycle18.012025
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance. Oil/gas exporter — CA highly sensitive to hydrocarbon prices.

Original CSV value: 18.0115861720402.

SingaporeEntrepôt / re-exports · read both reserve measures16.712025
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance. Large structural surplus typical of entrepôt / financial hub.

Original CSV value: 16.7132387250529.

Vietnam6.33†2024 · OLDER
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance. Vintage 2024 — badge if peers are 2025.

Original CSV value: 6.33496605552948.

Laos3.22†2024 · OLDER
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance. Vintage 2024 — badge if peers are 2025.

Original CSV value: 3.21986797869176.

Thailand2.762025
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance.

Original CSV value: 2.76290010089629.

Malaysia1.69†2024 · OLDER
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance. Vintage 2024 — badge if peers are 2025.

Original CSV value: 1.69342393177115.

MyanmarCritically stale 2019 · conflict / reporting caveat0.09†2019 · OLDER
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance. Stale vintage — conflict / reporting caveat; badge required. Stale vintage (2019) — badge required.

Original CSV value: 0.0902156578672671.

Indonesia-0.112025
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance.

Original CSV value: -0.105263812011573.

Philippines-3.342025
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance.

Original CSV value: -3.34449841700068.

Cambodia-3.642025
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance.

Original CSV value: -3.6418344436232.

Timor-LestePetroleum Fund / import dependence · not a peer benchmark-36.872025
Observation notes

Current account balance (% of GDP). BoP concept — do not conflate with fiscal balance. Large CA deficit common for small oil-fund / import-dependent economy — interpret with petroleum fund / fiscal context, not as sudden crisis alone.

Original CSV value: -36.8713347686307.

Philippines highlighted. Current-account bars diverge from zero; other bars start at zero. Gaps have no bars.

Reserve cover

Read together with absolute reserves. Singapore’s entrepôt and re-export structure can make import cover look thin despite large reserve stocks.

Months of imports

WDI / IMF IFS · MIXED VINTAGES

SEA-11 · Singapore is regional context, outside the peer five

Read observation years separately. Regional scales stay fixed when filtering peers.

Reserve cover: source, year and as_of by country
CountryMonths of imports
010
YearSource & notes
Thailand8.032025
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves.

Original CSV value: 8.02619323823452.

Cambodia7.912025
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves.

Original CSV value: 7.9138346038867.

BruneiOil / gas cycle7.912025
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves. Small open oil economy; months-of-imports swings with energy import/export mix.

Original CSV value: 7.90557661596612.

Philippines7.332025
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves.

Original CSV value: 7.33206019042327.

Timor-LestePetroleum Fund / import dependence · not a peer benchmark6.072025
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves.

Original CSV value: 6.07323457410572.

Indonesia5.512025
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves.

Original CSV value: 5.51085431823322.

Malaysia4.45†2024 · OLDER
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2024 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves. Vintage 2024 — badge if peers are 2025.

Original CSV value: 4.45057833503037.

SingaporeEntrepôt / re-exports · read both reserve measures4.392025
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves. Singapore entrepôt caveat — merchandise imports inflated by re-exports; prefer absolute reserves + CA surplus for hub reading.

Original CSV value: 4.38779137884008.

MyanmarCritically stale 2019 · conflict / reporting caveat3.29†2019 · OLDER
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2019 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves. Stale vintage — conflict / reporting caveat; badge required. Stale vintage (2019) — badge required.

Original CSV value: 3.28869018419057.

Laos2.39†2024 · OLDER
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2024 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves. Vintage 2024 — badge if peers are 2025.

Original CSV value: 2.39405886523859.

Vietnam2.37†2024 · OLDER
World Bank WDI FI.RES.TOTL.MO (IMF IFS) · year 2024 · as_of 2026-09-08
Observation notes

Total reserves in months of imports. Entrepôt / re-export economies (esp. Singapore) can look thin on this ratio despite large absolute reserves. Vintage 2024 — badge if peers are 2025.

Original CSV value: 2.37407817485002.

Philippines highlighted. Current-account bars diverge from zero; other bars start at zero. Gaps have no bars.

Reserves including gold

Absolute reserve stocks complement months of imports. The chart converts the supplied current-US-dollar values to billions; the CSV retains original units and precision.

US$ billion · current prices

WDI / IMF IFS · MIXED VINTAGES

SEA-11 · Singapore is regional context, outside the peer five

Read observation years separately. Regional scales stay fixed when filtering peers.

Reserves including gold: source, year and as_of by country
CountryUS$ billion · current prices
0500
YearSource & notes
SingaporeEntrepôt / re-exports · read both reserve measures432.12025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 432113578989.259.

Thailand282.32025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 282261124353.135.

Indonesia156.52025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 156542507869.671.

Malaysia125.62025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 125629250346.156.

Philippines110.92025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 110928780532.07.

Vietnam85.62025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 85580367980.9694.

Cambodia27.52025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 27524430820.5103.

MyanmarConflict / reporting caveat9.3†2023 · OLDER
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2023 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading. Vintage 2023 — badge if peers are 2025.

Original CSV value: 9337819633.15963.

BruneiOil / gas cycle5.52025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 5488659508.70276.

Laos2.2†2024 · OLDER
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2024 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 2213001000.16953.

Timor-LestePetroleum Fund / import dependence · not a peer benchmark0.92025
World Bank WDI FI.RES.TOTL.CD (IMF IFS) · year 2025 · as_of 2026-09-08
Observation notes

Total reserves including gold (current US$). Absolute buffer; pair with months-of-imports for reading.

Original CSV value: 850559733.202912.

Philippines highlighted. Current-account bars diverge from zero; other bars start at zero. Gaps have no bars.

External debt stocks

External liabilities of the reporting economy, not fiscal public debt. Brunei, Malaysia and Singapore have intentional IDS coverage gaps; no public-debt series is substituted.

% of GNI · IDS external debt

WDI / IDS · 2024

SEA-11 · Singapore is regional context, outside the peer five

Read observation years separately. Regional scales stay fixed when filtering peers.

External debt stocks: source, year and as_of by country
Country% of GNI · IDS external debt
0120
YearSource & notes
Laos115.42024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 115.404417712173.

Cambodia46.12024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 46.1114046291379.

Thailand37.52024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 37.4891208226563.

Indonesia31.02024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 30.9729980083421.

Vietnam28.82024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 28.849298110528.

Philippines26.32024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 26.2604550502335.

Timor-LestePetroleum Fund / import dependence · not a peer benchmark15.42024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 15.365375502464.

MyanmarConflict / reporting caveat15.32024
Observation notes

External debt stocks (% of GNI). IDS developing-economy series — not available for high-income / non-IDS reporters (BRN/MYS/SGP). Not public debt % GDP (fiscal pack). IDS coverage — developing reporters only.

Original CSV value: 15.2759866470065.

BruneiOil / gas cycle—GAP · not zero—
Pack coverage note · WDI IDS observation unavailable · year not available · as_of 2026-09-08
Observation notes

Intentional IDS reporting-coverage gap. No external debt observation in the locked pull; not zero and not replaced by fiscal public debt.

Original CSV value: not supplied.

Malaysia—GAP · not zero—
Pack coverage note · WDI IDS observation unavailable · year not available · as_of 2026-09-08
Observation notes

Intentional IDS reporting-coverage gap. No external debt observation in the locked pull; not zero and not replaced by fiscal public debt.

Original CSV value: not supplied.

SingaporeEntrepôt / re-exports · read both reserve measures—GAP · not zero—
Pack coverage note · WDI IDS observation unavailable · year not available · as_of 2026-09-08
Observation notes

Intentional IDS reporting-coverage gap. No external debt observation in the locked pull; not zero and not replaced by fiscal public debt.

Original CSV value: not supplied.

Philippines highlighted. Current-account bars diverge from zero; other bars start at zero. Gaps have no bars.

Short-term debt relative to reserves

A liquidity-pressure ratio with a different denominator from debt/GNI. Brunei, Malaysia and Singapore remain missing; Myanmar’s observation is older.

% of reserves · IDS short-term debt

WDI / IDS · MIXED VINTAGES

SEA-11 · Singapore is regional context, outside the peer five

Read observation years separately. Regional scales stay fixed when filtering peers.

Short-term debt relative to reserves: source, year and as_of by country
Country% of reserves · IDS short-term debt
050
YearSource & notes
Laos49.62024
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 49.5704701405903.

Vietnam44.62024
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 44.639579988541.

Indonesia41.82024
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 41.8237340121995.

Thailand29.32024
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 29.287507319668.

Philippines19.72024
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 19.7234767080532.

Cambodia19.12024
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 19.0910084593098.

MyanmarConflict / reporting caveat0.5†2023 · OLDER
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 0.477005657100365.

Timor-LestePetroleum Fund / import dependence · not a peer benchmark0.22024
Observation notes

Short-term debt (% of total reserves). IDS series; same coverage limits as external debt stocks. Liquidity pressure proxy. IDS coverage — developing reporters only.

Original CSV value: 0.161960920755815.

BruneiOil / gas cycle—GAP · not zero—
Pack coverage note · WDI IDS observation unavailable · year not available · as_of 2026-09-08
Observation notes

Intentional IDS reporting-coverage gap. No external debt observation in the locked pull; not zero and not replaced by fiscal public debt.

Original CSV value: not supplied.

Malaysia—GAP · not zero—
Pack coverage note · WDI IDS observation unavailable · year not available · as_of 2026-09-08
Observation notes

Intentional IDS reporting-coverage gap. No external debt observation in the locked pull; not zero and not replaced by fiscal public debt.

Original CSV value: not supplied.

SingaporeEntrepôt / re-exports · read both reserve measures—GAP · not zero—
Pack coverage note · WDI IDS observation unavailable · year not available · as_of 2026-09-08
Observation notes

Intentional IDS reporting-coverage gap. No external debt observation in the locked pull; not zero and not replaced by fiscal public debt.

Original CSV value: not supplied.

Philippines highlighted. Current-account bars diverge from zero; other bars start at zero. Gaps have no bars.

Key findings from this pack

  • PH has a current-account deficit while Thailand and Vietnam’s supplied observations are surpluses.
  • Reserve cover and absolute stocks answer different questions, especially for Singapore’s entrepôt economy.
  • External debt is not fiscal public debt, and the locked denominator is GNI.
  • Brunei, Malaysia and Singapore have intentional IDS gaps; Myanmar’s older observations require caution.

Methods & coverage

External and fiscal balances are different

The current account is a balance-of-payments measure covering goods, services, and primary and secondary income. It is not the government budget balance. IDS external debt describes external liabilities of the reporting economy and uses GNI as its denominator; it is not general-government public debt as a share of GDP. Short-term debt relative to reserves is another distinct ratio.

Reserve measures and structural context

Months of imports and absolute reserves including gold are shown separately, with their own years. Dollar stocks are displayed in US$ billions using only the supplied conversion of units. Singapore’s entrepôt and re-export structure makes months of imports an incomplete buffer measure. Brunei’s current account is hydrocarbon-cycle sensitive. Timor-Leste’s large current-account deficit requires import-dependence and Petroleum Fund context and is not a comparable manufacturing-peer benchmark.

Mixed vintages and IDS gaps

Myanmar current account and import cover retain their critically stale 2019 observations and conflict/reporting caveat; its absolute reserves and short-term debt ratio have later but still older years. Malaysia, Laos and Vietnam current-account and cover observations are 2024. IDS debt observations are 2024 where available, except Myanmar short-term debt relative to reserves in 2023. Brunei, Malaysia and Singapore have intentional IDS gaps: missing source rows are shown as unavailable, never as zero.

This page adds no FDI series. See FDI flows, Remittances, Trade dependence and Fiscal & debt for the separate concepts.

Original coverage & structural caveats · Pack definitions · Source provenance

Use this research

Cite this page

ASEAN in Data (2026). External balance. /topics/external-balance