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

Imports of goods and services (% of GDP) in Korea was 32.77 as of 2020. Its highest value over the past 60 years was 52.23 in 2011, while its lowest value was 11.98 in 1960.

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 11.98
1961 13.96
1962 15.60
1963 14.65
1964 12.38
1965 14.33
1966 18.22
1967 19.68
1968 22.64
1969 22.45
1970 21.12
1971 23.01
1972 21.44
1973 27.65
1974 33.30
1975 31.33
1976 28.35
1977 27.88
1978 29.22
1979 30.89
1980 37.09
1981 37.19
1982 32.86
1983 30.03
1984 28.46
1985 25.79
1986 28.14
1987 28.18
1988 26.21
1989 25.56
1990 25.76
1991 26.05
1992 24.69
1993 23.25
1994 24.60
1995 26.74
1996 27.85
1997 29.18
1998 28.96
1999 27.17
2000 32.16
2001 30.44
2002 28.58
2003 29.78
2004 33.26
2005 33.04
2006 35.03
2007 36.48
2008 47.87
2009 40.95
2010 44.30
2011 52.23
2012 51.36
2013 46.66
2014 42.78
2015 36.14
2016 33.47
2017 36.19
2018 37.28
2019 36.48
2020 32.77

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