
Somalia: Imports, percent of GDP
* indicates monthly or quarterly data series
Somalia |
Imports of goods and services as percent of GDP |
---|---|
Latest value | 76.69 |
Year | 2023 |
Measure | percent |
Data availability | 1960 - 2023 |
Average | 43.29 |
Min - Max | 15.52 - 88.65 |
Source | The World Bank |
The latest value from 2023 is 76.69 percent, a decline from 78.53 percent in 2022. In comparison, the world average is 49.03 percent, based on data from 138 countries. Historically, the average for Somalia from 1960 to 2023 is 43.29 percent. The minimum value, 15.52 percent, was reached in 1970 while the maximum of 88.65 percent was recorded in 1980.
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* indicates monthly or quarterly data series
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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.
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 | Reference | Measure |
---|---|---|---|
Terms of trade | 121.58 | 2021 | percent |
Trade openness | 92.69 | 2023 | percent |
Financial openness | -1.931 | 2007 | index points |
Exports, percent of GDP | 17.89 | 2023 | percent |
Exports, billion dollars | 2.16 | 2023 | billion U.S. dollars |
Growth of exports | 5.95 | 2023 | percent |
Imports, percent of GDP | 76.69 | 2023 | percent |
Imports, billion dollars | 8.00 | 2023 | billion U.S. dollars |
Foreign Direct Investment, percent of GDP | 5.79 | 2023 | percent |
Foreign Direct Investment, billion dollars | -0.04 | 1989 | 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 | -58.79 | 2023 | percent |
Reserves | 0.02 | 1989 | billion U.S. dollars |
Remittances, percent of GDP | 14.85 | 2023 | percent |
Remittances | 1,735.00 | 2023 | million U.S. dollars |
External debt | 40.14 | 2022 | percent |
Short-term external debt | 21.54 | 2023 | percent |
Short-term debt to reserves | 842.53 | 1989 | percent |