European Union - Exports of goods and services (% of GDP)

Exports of goods and services (% of GDP) in European Union was 46.65 as of 2020. Its highest value over the past 50 years was 49.34 in 2019, while its lowest value was 19.36 in 1970.

Definition: Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 19.36
1971 19.37
1972 19.64
1973 20.59
1974 23.69
1975 22.07
1976 22.97
1977 23.27
1978 23.08
1979 23.90
1980 24.25
1981 25.84
1982 25.85
1983 26.10
1984 27.71
1985 27.94
1986 25.06
1987 24.40
1988 24.81
1989 25.86
1990 25.46
1991 25.26
1992 24.96
1993 25.16
1994 26.59
1995 28.28
1996 28.63
1997 30.92
1998 31.54
1999 31.92
2000 35.69
2001 35.70
2002 35.10
2003 34.35
2004 35.99
2005 37.44
2006 39.63
2007 40.72
2008 41.10
2009 36.28
2010 40.32
2011 43.21
2012 44.80
2013 44.96
2014 45.69
2015 47.11
2016 46.68
2017 48.35
2018 49.20
2019 49.34
2020 46.65

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts