Bermuda: Imports, percent of GDP

The latest value from 2024 is 25.06 percent, an increase from 24.89 percent in 2023. In comparison, the world average is 47.50 percent, based on data from 166 countries. Historically, the average for Bermuda from 2010 to 2024 is 24.58 percent. The minimum value, 23.27 percent, was reached in 2012 while the maximum of 26.99 percent was recorded in 2022. See the global rankings for that indicator or use the country comparator to compare trends over time.

The imports of Bermuda 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 includes change in the economic ownership of goods from non-residents toresidents of the compiling economy, irrespective of physical movement of goods across national borders. Imports of services includes services provided by non-residents to residents. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.