Bahamas, The | Imports of goods and services (% of GDP)

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. 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.
Publisher
The World Bank
Origin
Commonwealth of The Bahamas
Records
63
Source
Bahamas, The | Imports of goods and services (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977 66.1430575
1978 67.51561749
1979 60.2035392
1980 62.87725605
1981 62.36943568
1982 59.55141608
1983 58.01592798
1984 58.30679536
1985 59.27091219
1986 57.9049545
1987 55.8032445
1988
1989 57.16884389
1990 55.95925458
1991 55.16752594
1992 51.21453844
1993 51.39327296
1994 53.38048481
1995 54.91630213
1996 57.81906345
1997 42.85448079
1998 43.069007
1999 39.24584877
2000 41.59738103
2001 38.42829199
2002 34.10252715
2003 35.25330634
2004 37.78675227
2005 42.63638397
2006 49.24143697
2007 47.92086145
2008 47.93558807
2009 42.33036398
2010 43.72231511
2011 50.89842063
2012 46.12421178
2013 46.41142802
2014 46.7780734
2015 37.12616402
2016 37.50553154
2017 40.09303464
2018 40.24388316
2019 36.86278113
2020 34.39300433
2021 38.97342031
2022 42.66751438

Bahamas, The | Imports of goods and services (% of GDP)

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. 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.
Publisher
The World Bank
Origin
Commonwealth of The Bahamas
Records
63
Source