Barbados - Exports of goods and services (% of GDP)

Exports of goods and services (% of GDP) in Barbados was 42.01 as of 2019. Its highest value over the past 44 years was 65.42 in 1979, while its lowest value was 38.70 in 1987.

Definition: Exports of goods and services represent the value of all goods and other market services provided to 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
1975 50.38
1976 46.50
1977 49.59
1978 58.08
1979 65.42
1980 59.61
1981 50.78
1982 54.26
1983 59.93
1984 61.14
1985 57.59
1986 46.25
1987 38.70
1988 41.30
1989 42.50
1990 43.13
1991 40.56
1992 41.33
1993 42.28
1994 45.26
1995 46.86
1996 47.99
1997 46.50
1998 42.39
1999 41.69
2000 43.24
2001 40.97
2002 38.99
2003 42.96
2004 41.69
2005 44.81
2006 48.04
2007 48.65
2008 48.63
2009 43.58
2010 46.46
2011 44.47
2012 42.61
2013 41.98
2014 40.32
2015 41.44
2016 43.13
2017 42.19
2018 41.29
2019 42.01

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