United Kingdom - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in United Kingdom was 27.99 as of 2020. Its highest value over the past 50 years was 31.92 in 2019, while its lowest value was 20.51 in 1971.

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
1970 20.95
1971 20.51
1972 20.71
1973 24.74
1974 31.61
1975 27.06
1976 29.09
1977 28.92
1978 26.65
1979 26.97
1980 24.39
1981 23.11
1982 23.69
1983 24.76
1984 27.55
1985 26.74
1986 25.40
1987 25.25
1988 25.17
1989 26.01
1990 24.90
1991 22.70
1992 23.36
1993 24.89
1994 25.78
1995 25.16
1996 25.83
1997 25.18
1998 24.88
1999 25.37
2000 26.90
2001 27.38
2002 26.92
2003 26.16
2004 26.37
2005 27.41
2006 29.33
2007 27.38
2008 29.14
2009 27.82
2010 30.06
2011 31.72
2012 31.17
2013 31.08
2014 29.87
2015 28.73
2016 29.86
2017 31.31
2018 31.81
2019 31.92
2020 27.99

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