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

Imports of goods and services (% of GDP) in United States was 13.24 as of 2020. Its highest value over the past 50 years was 17.51 in 2008, while its lowest value was 5.20 in 1970.

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 5.20
1971 5.35
1972 5.80
1973 6.40
1974 8.25
1975 7.28
1976 8.07
1977 8.76
1978 9.03
1979 9.62
1980 10.28
1981 9.91
1982 9.07
1983 9.04
1984 10.03
1985 9.62
1986 9.89
1987 10.48
1988 10.58
1989 10.48
1990 10.56
1991 10.13
1992 10.24
1993 10.50
1994 11.16
1995 11.81
1996 11.94
1997 12.31
1998 12.31
1999 13.00
2000 14.41
2001 13.26
2002 13.15
2003 13.59
2004 14.82
2005 15.66
2006 16.34
2007 16.57
2008 17.51
2009 13.86
2010 15.94
2011 17.34
2012 17.10
2013 16.48
2014 16.47
2015 15.32
2016 14.61
2017 14.96
2018 15.18
2019 14.54
2020 13.24

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