Venezuela - Exports of goods and services (% of GDP)

Exports of goods and services (% of GDP) in Venezuela was 16.69 as of 2014. Its highest value over the past 54 years was 42.94 in 1974, while its lowest value was 16.69 in 2014.

Definition: Exports of goods and services represent the value of all goods and other market services provided to 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 30.43
1961 31.72
1962 32.68
1963 32.04
1964 30.17
1965 29.09
1966 27.67
1967 27.20
1968 25.29
1969 24.46
1970 23.25
1971 25.23
1972 23.29
1973 28.67
1974 42.94
1975 32.86
1976 29.72
1977 27.10
1978 24.10
1979 29.91
1980 32.62
1981 30.50
1982 25.05
1983 22.69
1984 25.06
1985 22.55
1986 19.29
1987 20.24
1988 19.95
1989 33.02
1990 38.18
1991 30.34
1992 25.50
1993 26.09
1994 29.87
1995 26.23
1996 35.33
1997 29.26
1998 20.92
1999 22.91
2000 29.74
2001 22.74
2002 30.43
2003 33.85
2004 36.20
2005 39.66
2006 36.52
2007 31.13
2008 30.82
2009 18.07
2010 28.53
2011 29.94
2012 26.17
2013 24.76
2014 16.69

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