World - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in World was 25.66 as of 2020. Its highest value over the past 50 years was 30.43 in 2008, while its lowest value was 12.81 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 12.81
1971 12.91
1972 13.20
1973 14.71
1974 18.21
1975 17.26
1976 17.88
1977 18.13
1978 17.75
1979 19.34
1980 20.84
1981 20.20
1982 19.46
1983 18.63
1984 18.92
1985 18.26
1986 17.16
1987 17.70
1988 18.23
1989 19.02
1990 19.24
1991 18.78
1992 19.50
1993 18.59
1994 19.07
1995 20.31
1996 20.85
1997 21.63
1998 21.54
1999 21.67
2000 23.48
2001 23.03
2002 23.03
2003 23.81
2004 25.58
2005 26.80
2006 28.29
2007 29.14
2008 30.43
2009 25.79
2010 27.95
2011 29.75
2012 29.45
2013 29.39
2014 29.24
2015 27.59
2016 26.66
2017 27.58
2018 28.56
2019 27.76
2020 25.66

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