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

Imports of goods and services (% of GDP) in European Union was 42.87 as of 2020. Its highest value over the past 50 years was 45.90 in 2019, while its lowest value was 19.69 in 1972.

Definition: Imports of goods and services represent the value of all goods and other market services received from 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 20.04
1971 19.71
1972 19.69
1973 20.99
1974 25.21
1975 22.80
1976 24.66
1977 24.50
1978 23.40
1979 25.23
1980 27.21
1981 28.06
1982 27.77
1983 27.09
1984 28.19
1985 28.44
1986 24.62
1987 24.52
1988 25.02
1989 26.44
1990 25.88
1991 25.55
1992 25.05
1993 23.94
1994 25.23
1995 26.67
1996 26.86
1997 28.86
1998 29.78
1999 30.63
2000 34.91
2001 34.25
2002 32.78
2003 32.45
2004 33.90
2005 35.87
2006 38.42
2007 39.46
2008 40.25
2009 34.62
2010 38.72
2011 41.53
2012 41.94
2013 41.45
2014 41.91
2015 42.73
2016 42.31
2017 44.08
2018 45.33
2019 45.90
2020 42.87

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