Lower middle income - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Lower middle income was 25.30 as of 2020. Its highest value over the past 53 years was 32.34 in 2008, while its lowest value was 12.78 in 1969.

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
1967 14.00
1968 13.25
1969 12.78
1970 13.56
1971 13.77
1972 13.95
1973 15.89
1974 19.55
1975 24.06
1976 23.11
1977 23.50
1978 22.28
1979 21.72
1980 24.50
1981 22.14
1982 20.45
1983 20.99
1984 19.13
1985 17.83
1986 15.98
1987 15.78
1988 17.56
1989 19.40
1990 20.12
1991 20.50
1992 21.09
1993 21.79
1994 22.10
1995 24.17
1996 23.63
1997 24.55
1998 24.96
1999 23.17
2000 24.30
2001 24.83
2002 24.86
2003 25.34
2004 27.06
2005 28.27
2006 28.23
2007 29.36
2008 32.34
2009 28.57
2010 28.44
2011 30.50
2012 30.44
2013 29.51
2014 28.30
2015 26.27
2016 25.44
2017 27.19
2018 29.87
2019 28.07
2020 25.30

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