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

Imports of goods and services (% of GDP) in Singapore was 144.32 as of 2020. Its highest value over the past 60 years was 208.93 in 1980, while its lowest value was 121.64 in 1967.

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
1960 176.48
1961 156.98
1962 148.52
1963 155.73
1964 132.95
1965 134.30
1966 130.50
1967 121.64
1968 131.14
1969 141.57
1970 145.03
1971 139.83
1972 122.31
1973 127.39
1974 164.49
1975 146.45
1976 156.42
1977 164.22
1978 169.16
1979 190.33
1980 208.93
1981 201.60
1982 187.18
1983 166.28
1984 156.66
1985 151.92
1986 146.10
1987 161.04
1988 175.15
1989 168.28
1990 167.14
1991 155.34
1992 149.59
1993 151.77
1994 150.02
1995 164.34
1996 159.27
1997 154.57
1998 145.29
1999 159.74
2000 176.01
2001 166.40
2002 165.66
2003 174.63
2004 187.57
2005 195.27
2006 197.33
2007 181.51
2008 208.33
2009 167.35
2010 171.69
2011 175.77
2012 172.49
2013 171.96
2014 168.51
2015 151.09
2016 138.57
2017 144.65
2018 148.28
2019 147.63
2020 144.32

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