Low & middle income | Imports of goods and services (current US$)

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. Data are in current U.S. dollars. 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
Low & middle income
Records
63
Source
Low & middle income | Imports of goods and services (current US$)
1960 37853321740.014
1961 36337887133.039
1962 34605398884.926
1963 39545757849.346
1964 44221053148.686
1965 47516881952.011
1966 49871852844.68
1967 51935226451.608
1968 54460767581.124
1969 58084245684.177
1970 66902190787.285
1971 73588331924.722
1972 81149351372.398
1973 111002686025.98
1974 175878693664.32
1975 215409454400.05
1976 222009001161.21
1977 256107653321.17
1978 283664848784.81
1979 349452604172.35
1980 470781307469.03
1981 523902423073.35
1982 488964713402.13
1983 471505888033.01
1984 469426029497.92
1985 478394414269.07
1986 462153261035.05
1987 501332267955.84
1988 583684313302.03
1989 637576954088.7
1990 687791051942.46
1991 672798484522.92
1992 916464466618.77
1993 914070000427.26
1994 968506099545.59
1995 1131061407413.2
1996 1209776204691.3
1997 1296008695814
1998 1211818791259.4
1999 1225329995760
2000 1441749498328.5
2001 1452978330064.4
2002 1550315157367.7
2003 1836439997924.8
2004 2360957293796.3
2005 2805432329291.9
2006 3306375508832.7
2007 4045189736681.3
2008 4961530795068.6
2009 4177107118007.1
2010 5301795085037.7
2011 6437477900475.3
2012 6807850135114.8
2013 7067549842464.8
2014 7109647712175.6
2015 6232742538989
2016 6032389597740.8
2017 6857797555473.2
2018 7639663221112.9
2019 7478087452835.1
2020 6662831380995.3
2021 8884441940293.1
2022 9969702259078.3

Low & middle income | Imports of goods and services (current US$)

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. Data are in current U.S. dollars. 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
Low & middle income
Records
63
Source