Sri Lanka - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Sri Lanka was 22.94 as of 2020. Its highest value over the past 60 years was 54.80 in 1980, while its lowest value was 22.94 in 2020.

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 32.91
1961 28.49
1962 29.20
1963 27.49
1964 26.72
1965 25.49
1966 25.85
1967 23.30
1968 23.59
1969 24.62
1970 28.60
1971 26.61
1972 23.90
1973 25.56
1974 33.90
1975 34.96
1976 31.38
1977 30.16
1978 39.55
1979 45.75
1980 54.80
1981 46.54
1982 46.26
1983 41.43
1984 34.74
1985 37.97
1986 35.33
1987 35.70
1988 36.84
1989 36.76
1990 38.06
1991 38.85
1992 41.03
1993 43.35
1994 45.62
1995 46.04
1996 43.90
1997 43.60
1998 42.25
1999 43.27
2000 49.62
2001 43.57
2002 41.42
2003 40.68
2004 44.15
2005 41.27
2006 41.13
2007 39.49
2008 38.53
2009 27.82
2010 26.81
2011 34.09
2012 31.68
2013 28.94
2014 29.16
2015 28.55
2016 28.46
2017 29.06
2018 30.47
2019 29.25
2020 22.94

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