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

Imports of goods and services (% of GDP) in Colombia was 20.13 as of 2020. Its highest value over the past 60 years was 22.71 in 2015, while its lowest value was 9.71 in 1965.

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 14.76
1961 13.83
1962 12.23
1963 12.35
1964 12.65
1965 9.71
1966 14.35
1967 10.34
1968 12.81
1969 13.01
1970 14.55
1971 16.02
1972 12.80
1973 12.66
1974 15.63
1975 14.01
1976 13.90
1977 13.20
1978 13.80
1979 13.45
1980 15.60
1981 15.42
1982 15.19
1983 13.24
1984 12.46
1985 12.53
1986 11.99
1987 12.92
1988 13.86
1989 13.82
1990 15.92
1991 14.44
1992 17.09
1993 20.99
1994 20.92
1995 20.96
1996 20.84
1997 20.76
1998 20.90
1999 17.80
2000 16.75
2001 18.51
2002 18.17
2003 19.94
2004 19.09
2005 20.45
2006 21.91
2007 20.67
2008 21.06
2009 18.73
2010 17.92
2011 20.19
2012 20.02
2013 19.90
2014 20.85
2015 22.71
2016 21.49
2017 20.14
2018 20.64
2019 21.67
2020 20.13

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