North America - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in North America was 14.57 as of 2020. Its highest value over the past 50 years was 18.96 in 2008, while its lowest value was 6.30 in 1970.

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 6.30
1971 6.49
1972 7.02
1973 7.69
1974 9.75
1975 8.85
1976 9.52
1977 10.09
1978 10.34
1979 11.01
1980 11.65
1981 11.30
1982 10.14
1983 10.15
1984 11.22
1985 10.84
1986 11.13
1987 11.66
1988 11.89
1989 11.81
1990 11.87
1991 11.47
1992 11.61
1993 11.95
1994 12.68
1995 13.38
1996 13.48
1997 14.01
1998 14.00
1999 14.67
2000 16.05
2001 14.77
2002 14.61
2003 15.00
2004 16.23
2005 17.09
2006 17.76
2007 18.00
2008 18.96
2009 15.26
2010 17.41
2011 18.84
2012 18.64
2013 18.01
2014 17.99
2015 16.82
2016 16.06
2017 16.42
2018 16.65
2019 15.97
2020 14.57

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