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

Imports of goods and services (% of GDP) in China was 16.01 as of 2020. Its highest value over the past 60 years was 28.44 in 2004, while its lowest value was 2.13 in 1971.

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 4.43
1961 3.49
1962 2.91
1963 2.86
1964 2.86
1965 3.19
1966 3.24
1967 2.98
1968 2.92
1969 2.41
1970 2.46
1971 2.13
1972 2.51
1973 3.76
1974 5.40
1975 4.85
1976 4.33
1977 4.09
1978 5.09
1979 5.92
1980 6.51
1981 7.45
1982 8.67
1983 8.40
1984 9.51
1985 12.38
1986 11.17
1987 12.38
1988 15.68
1989 13.26
1990 10.66
1991 11.46
1992 14.49
1993 19.35
1994 17.23
1995 16.32
1996 15.89
1997 15.04
1998 14.08
1999 15.36
2000 18.52
2001 18.22
2002 20.10
2003 24.82
2004 28.44
2005 28.38
2006 28.44
2007 26.76
2008 25.01
2009 20.44
2010 23.53
2011 24.17
2012 22.78
2013 22.15
2014 21.40
2015 18.11
2016 17.31
2017 17.94
2018 18.45
2019 17.48
2020 16.01

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