Barbados: Imports, percent of GDP

* indicates monthly or quarterly data series
 Barbados

Imports of goods and services as percent of GDP

 Latest value 43.22
 Year 2022
 Measure percent
 Data availability 1975 - 2022
 Average 48.35
 Min - Max 34.59 - 76.13
 Source The World Bank
For that indicator, we provide data for Barbados from 1975 to 2022. The average value for Barbados during that period was 48.35 percent with a minimum of 34.59 percent in 1992 and a maximum of 76.13 percent in 1979. The latest value from 2022 is 43.22 percent. For comparison, the world average in 2022 based on 149 countries is 52.38 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Barbados - Imports, percent of GDP - Recent values chart

Historical chart
Barbados - Imports, percent of GDP - historical chart - 1975-2022




The imports of Barbados and other countries are calculated as the total amount of goods and services produced abroad and sold at home. Imports are often reported as percent of GDP so that we can evaluate their magnitude relative to the size of the economy.

If imports are about 15 percent or less of GDP the economy is considered relatively closed. That, for example, applies to the U.S. In contrast, many small European countries import over 40 percent of the products they consume. They are considered more open to international trade.
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.

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 Related indicators Latest value Reference Measure
 Terms of trade 92.62 2021 percent
 Trade openness 78.35 2022 percent
 Financial openness -1.242 2021 index points
 Exports, percent of GDP 35.13 2022 percent
 Exports, billion dollars 2.00 2022 billion U.S. dollars
 Imports, percent of GDP 43.22 2022 percent
 Imports, billion dollars 2.46 2022 billion U.S. dollars
 Foreign Direct Investment, percent of GDP 3.51 2022 percent
 Foreign Direct Investment, billion dollars 0.20 2022 billion U.S. dollars
 Portfolio investment inflows, equities 2.58 2017 million dollars (current)
 Current account, percent of GDP -11.10 2022 percent
 Current account, in dollars -0.30 2017 billion U.S. dollars
 Trade balance, percent of GDP -8.09 2022 percent
 Trade balance, in dollars 0.02 2017 billion U.S. dollars
 Reserves 1.52 2022 billion U.S. dollars
 Remittances, percent of GDP 1.49 2022 percent
 Remittances 85.18 2022 million U.S. dollars
 Net errors and omissions -132.48 2017 million USD
 Foreign exchange reserves 2.83 9/2023 billion
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