Palau: Imports, percent of GDP
* indicates monthly or quarterly data series
Palau |
Imports of goods and services as percent of GDP |
---|---|
Latest value | 78.34 |
Year | 2022 |
Measure | percent |
Data availability | 2005 - 2022 |
Average | 84.48 |
Min - Max | 75.02 - 101.88 |
Source | The World Bank |
The latest value from 2022 is 78.34 percent, an increase from 75.86 percent in 2021. In comparison, the world average is 52.43 percent, based on data from 161 countries. Historically, the average for Palau from 2005 to 2022 is 84.48 percent. The minimum value, 75.02 percent, was reached in 2018 while the maximum of 101.88 percent was recorded in 2006.
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* indicates monthly or quarterly data series
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The imports of Palau 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.
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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International lending and sovereign debt
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Related indicators | Latest | Reference | Measure |
---|---|---|---|
Terms of trade | 91.07 | 2021 | percent |
Trade openness | 92.54 | 2022 | percent |
Exports, percent of GDP | 14.20 | 2022 | percent |
Exports, billion dollars | 0.03 | 2022 | billion U.S. dollars |
Growth of exports | 137.19 | 2022 | percent |
Imports, percent of GDP | 78.34 | 2022 | percent |
Imports, billion dollars | 0.19 | 2022 | billion U.S. dollars |
Foreign Direct Investment, percent of GDP | 18.18 | 2023 | percent |
Foreign Direct Investment, billion dollars | 0.07 | 2022 | billion U.S. dollars |
Current account, percent of GDP | -60.03 | 2022 | percent |
Current account, in dollars | -0.14 | 2022 | billion U.S. dollars |
Trade balance, percent of GDP | -64.14 | 2022 | percent |
Trade balance, in dollars | -0.19 | 2022 | billion U.S. dollars |
Remittances, percent of GDP | 0.38 | 2023 | percent |
Remittances | 1.00 | 2023 | million U.S. dollars |
Net errors and omissions | -11.78 | 2022 | million USD |