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

Imports of goods and services (% of GDP) in Belgium was 78.61 as of 2020. Its highest value over the past 50 years was 83.28 in 2018, while its lowest value was 41.08 in 1972.

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 42.77
1971 41.82
1972 41.08
1973 46.11
1974 52.38
1975 45.61
1976 48.26
1977 48.17
1978 46.55
1979 51.65
1980 52.94
1981 56.16
1982 59.82
1983 60.00
1984 63.82
1985 61.42
1986 55.04
1987 54.05
1988 57.01
1989 61.37
1990 59.85
1991 58.36
1992 56.26
1993 52.90
1994 54.81
1995 56.26
1996 58.02
1997 60.90
1998 60.53
1999 60.61
2000 69.68
2001 67.96
2002 65.25
2003 63.68
2004 66.01
2005 70.25
2006 72.76
2007 74.17
2008 80.21
2009 66.57
2010 74.15
2011 80.80
2012 80.34
2013 78.53
2014 78.98
2015 76.39
2016 78.24
2017 82.14
2018 83.28
2019 81.53
2020 78.61

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