Sri Lanka | 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
Democratic Socialist Republic of Sri Lanka
Records
63
Source
Sri Lanka | Imports of goods and services (% of GDP)
1960 32.91264342
1961 28.48542954
1962 29.20129561
1963 27.49257168
1964 26.72173969
1965 25.49480455
1966 25.8486266
1967 23.30419387
1968 23.58869086
1969 24.61735785
1970 28.60070258
1971 26.61209964
1972 23.89978356
1973 25.55966094
1974 33.89844769
1975 34.95879896
1976 31.38098864
1977 30.15628863
1978 39.54529474
1979 45.75371753
1980 54.79880349
1981 46.53608611
1982 46.25748201
1983 41.4314027
1984 34.74366813
1985 37.965204
1986 35.32935133
1987 35.69638527
1988 36.83677055
1989 36.75677178
1990 38.06311066
1991 38.8548255
1992 41.03338248
1993 43.34651146
1994 45.6179069
1995 46.03741996
1996 43.90062594
1997 43.59943523
1998 42.25117045
1999 43.26777363
2000 49.62074082
2001 43.56741306
2002 41.42180158
2003 40.6827445
2004 44.15204217
2005 41.26709997
2006 41.13265139
2007 39.49151197
2008 38.52755651
2009 27.82077529
2010
2011
2012
2013
2014
2015 27.02458699
2016 26.64750098
2017 26.91620976
2018 28.36314814
2019 27.60199296
2020 21.59658259
2021 24.32537806
2022 25.03506541

Sri Lanka | 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
Democratic Socialist Republic of Sri Lanka
Records
63
Source