Somalia: Imports, percent of GDP

* indicates monthly or quarterly data series

Imports of goods and services as percent of GDP

 Latest value 78.53
 Year 2022
 Measure percent
 Data availability 1960 - 2022
 Average 42.98
 Min - Max 16.74 - 88.49
 Source The World Bank
For that indicator, we provide data for Somalia from 1960 to 2022. The average value for Somalia during that period was 42.98 percent with a minimum of 16.74 percent in 1970 and a maximum of 88.49 percent in 1980. The latest value from 2022 is 78.53 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
Somalia - Imports, percent of GDP - Recent values chart

Historical chart
Somalia - Imports, percent of GDP - historical chart - 1960-2022

The imports of Somalia 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 121.58 2021 percent
 Trade openness 95.84 2022 percent
 Financial openness -1.931 2007 index points
 Exports, percent of GDP 17.31 2022 percent
 Exports, billion dollars 2.09 2023 billion U.S. dollars
 Growth of exports 12.14 1989 percent
 Imports, percent of GDP 78.53 2022 percent
 Imports, billion dollars 8.96 2023 billion U.S. dollars
 Foreign Direct Investment, percent of GDP 6.10 2022 percent
 Foreign Direct Investment, billion dollars 0.64 2022 billion U.S. dollars
 Portfolio investment inflows, equities 0.00 1989 million dollars (current)
 Current account, percent of GDP -12.40 2023 percent
 Trade balance, percent of GDP -61.21 2022 percent
 Reserves 0.02 1989 billion U.S. dollars
 Remittances, percent of GDP 16.65 2022 percent
 Remittances 1,735.00 2022 million U.S. dollars
 External debt 40.14 2022 percent
 Short-term external debt 28.30 2022 percent
 Short-term debt to reserves 842.53 1989 percent
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