Middle income - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Middle income was 21.72 as of 2020. Its highest value over the past 60 years was 28.77 in 2008, while its lowest value was 11.12 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 12.61
1961 12.61
1962 11.74
1963 12.30
1964 11.50
1965 11.12
1966 11.48
1967 11.61
1968 11.58
1969 11.24
1970 11.73
1971 12.14
1972 12.12
1973 13.11
1974 16.74
1975 17.96
1976 17.35
1977 17.38
1978 17.18
1979 17.64
1980 20.07
1981 19.92
1982 18.97
1983 18.39
1984 17.77
1985 17.16
1986 15.99
1987 16.61
1988 18.38
1989 19.60
1990 18.44
1991 18.43
1992 24.39
1993 22.32
1994 21.52
1995 22.59
1996 22.10
1997 22.51
1998 21.72
1999 22.33
2000 24.07
2001 24.15
2002 25.03
2003 26.45
2004 28.37
2005 28.31
2006 28.27
2007 28.09
2008 28.77
2009 24.74
2010 25.98
2011 26.92
2012 26.59
2013 26.07
2014 25.40
2015 23.44
2016 22.60
2017 23.37
2018 24.62
2019 23.58
2020 21.72

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