Imports of goods and services (% of GDP)

The measure of imports as a percentage of GDP captures the total value of goods and services procured by a country from international sources, highlighting its degree of economic openness. This indicator encompasses a diverse range of imports, including tangible merchandise and various services such as transportation, travel, and financial services. By analyzing these imports, one can assess the reliance of an economy on foreign products and services for consumption and production processes. Notably, it excludes certain factors like employee compensation and investment income, which can provide a more focused perspective on trade dynamics. A high ratio may indicate a robust demand for foreign goods, while a low ratio could suggest greater self-sufficiency or protectionist policies. Source: