Share of exports invoiced in U.S. dollars

Pricing

KoreaBrazilAustraliaJapanUnited KingdomGermany

The currency a country's exporters write on the invoice, whoever the buyer. Korea, Brazil and Australia price almost everything in dollars, though most of their trade is not with the United States; that is the dollar's pricing role. The dataset is published every few years and ends in 2023; it has no figures for China.

Classroom exerciseFor each country, compare the dollar invoicing share in the latest year with the share of its goods exports that go to the United States (look this up in UN Comtrade). Which countries invoice far more in dollars than their U.S. trade would explain, and why? Teach page

Percent of goods exportsBoz, Brüggen, Casas, Georgiadis, Gopinath and Mehl, "Patterns of Invoicing Currency in Global Trade in a Fragmenting World Economy", IMF Working Paper 25/178 (2025), Global Trade Invoicing Currency Patterns Database (ICPD 2.0).Data through 2023✓ Checked against Boz et al. (2025), ICPD 2.0 (version of 29 Aug 2025), Japan 2023, exports invoiced in U.S. dollars, 50.3 percent

Cite asBalance of Power, "Share of exports invoiced in U.S. dollars", data through 2023. Source: Boz, Brüggen, Casas, Georgiadis, Gopinath and Mehl, "Patterns of Invoicing Currency in Global Trade in a Fragmenting World Economy", IMF Working Paper 25/178 (2025), Global Trade Invoicing Currency Patterns Database (ICPD 2.0).

Download the data (CSV)

Latest values

Date	Korea	Brazil	Australia	Japan	United Kingdom	Germany
2016	84.40	92.06	82.80	50.47	27.25	17.34
2017	84.50	92.46	84.05	51.20	28.51	17.24
2018	84.50	93.82	84.75	49.80	31.57	17.31
2019	83.50	93.87	85.90	49.55	34.05	17.74
2020	83.60	95.40	87.22	48.40	32.10	16.41
2021	83.90	95.66	88.98	48.25	32.70	15.05
2022	85.00	95.67	89.90	51.35	40.90	16.53
2023	83.10	95.84	89.44	50.30	39.70	16.11

Embed this chart

<iframe src="https://balanceofpower.lwilsesamson.com/embed/cycle/dollar-invoicing-exports" title="Share of exports invoiced in U.S. dollars" width="100%" height="660" style="border:0" loading="lazy"></iframe>

Alongside: The currencies Russia's exports are invoiced in

Provenance

Passed: jpn on 2023-01-01 is 50.30 against 50.3 ± 0.05 (Boz et al. (2025), ICPD 2.0 (version of 29 Aug 2025), Japan 2023, exports invoiced in U.S. dollars, 50.3 percent)

Inputs

Column	Source	Series key	Status	Data through
`kor`	boz	`KOR/ExportUSD`	live	2023
`bra`	boz	`BRA/ExportUSD`	live	2023
`aus`	boz	`AUS/ExportUSD`	live	2023
`jpn`	boz	`JPN/ExportUSD`	live	2023
`gbr`	boz	`GBR/ExportUSD`	live	2023
`deu`	boz	`DEU/ExportUSD`	live	2023