Solomon Islands - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Solomon Islands was 35.61 as of 2020. Its highest value over the past 40 years was 131.57 in 1989, while its lowest value was 23.51 in 2003.

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
1980 94.74
1981 94.67
1982 95.19
1983 95.19
1984 95.24
1985 95.10
1986 99.22
1987 100.64
1988 130.16
1989 131.57
1990 96.13
1991 115.37
1992 96.19
1993 102.50
1994 87.18
1995 69.17
1996 53.65
1997 55.60
1998 42.60
1999 32.70
2000 31.45
2001 27.58
2002 23.61
2003 23.51
2004 27.15
2005 36.34
2006 48.91
2007 57.71
2008 56.43
2009 46.74
2010 64.69
2011 58.10
2012 53.52
2013 55.46
2014 51.12
2015 47.29
2016 45.36
2017 46.65
2018 47.78
2019 47.70
2020 35.61

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