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

Imports of goods and services (% of GDP) in Venezuela was 31.40 as of 2014. Its highest value over the past 54 years was 37.26 in 1978, while its lowest value was 13.03 in 1983.

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
1960 18.15
1961 16.94
1962 16.90
1963 15.18
1964 17.99
1965 19.14
1966 17.14
1967 17.44
1968 19.50
1969 19.86
1970 18.79
1971 18.97
1972 19.98
1973 19.15
1974 18.54
1975 24.99
1976 28.87
1977 35.05
1978 37.26
1979 28.42
1980 24.74
1981 24.90
1982 28.01
1983 13.03
1984 17.55
1985 16.89
1986 19.71
1987 22.07
1988 26.42
1989 20.41
1990 19.53
1991 25.38
1992 27.97
1993 26.30
1994 21.58
1995 21.11
1996 20.64
1997 21.99
1998 22.68
1999 19.16
2000 18.11
2001 19.41
2002 18.14
2003 16.72
2004 19.17
2005 20.47
2006 22.15
2007 25.07
2008 21.01
2009 20.45
2010 17.61
2011 19.70
2012 24.23
2013 29.51
2014 31.40

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