Heavily indebted poor countries (HIPC) - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Heavily indebted poor countries (HIPC) was 28.50 as of 2020. Its highest value over the past 34 years was 38.74 in 2012, while its lowest value was 23.71 in 1989.

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
1986 24.22
1987 24.34
1988 23.88
1989 23.71
1990 24.14
1991 24.39
1992 26.58
1993 25.13
1994 29.70
1995 30.16
1996 30.32
1997 29.74
1998 30.42
1999 30.53
2000 28.96
2001 29.36
2002 30.60
2003 31.25
2004 32.38
2005 34.03
2006 33.46
2007 35.16
2008 36.33
2009 33.12
2010 35.81
2011 36.98
2012 38.74
2013 36.83
2014 35.18
2015 34.26
2016 32.80
2017 31.32
2018 32.62
2019 31.81
2020 28.50

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