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

Imports of goods and services (% of GDP) in Mongolia was 55.18 as of 2020. Its highest value over the past 39 years was 82.54 in 1991, while its lowest value was 36.36 in 1992.

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
1981 71.03
1982 64.46
1983 62.42
1984 65.07
1985 68.21
1986 81.39
1987 72.26
1988 66.02
1989 53.88
1990 40.35
1991 82.54
1992 36.36
1993 70.41
1994 54.53
1995 41.56
1996 42.45
1997 47.33
1998 59.51
1999 62.08
2000 67.89
2001 65.50
2002 67.79
2003 67.95
2004 70.54
2005 63.61
2006 53.49
2007 58.27
2008 67.18
2009 57.54
2010 56.67
2011 74.45
2012 66.02
2013 61.42
2014 57.07
2015 45.47
2016 50.18
2017 56.77
2018 68.19
2019 65.18
2020 55.18

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