Imports of goods and services (constant 2015 US$)



Countries By Imports of goods and services (constant 2015 US$)



Key points



Official Definition of Imports of goods and services (constant 2015 US$)

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. Data are in constant 2015 prices, expressed in U.S. dollars.



Importance

Imports of goods and services (constant 2015 US$) is a crucial macroeconomic statistic for a country as it reflects the value of all goods and services received from the rest of the world. This statistic matters because:



Top 10 Countries by Imports of goods and services (constant 2015 US$)

Bottom 10 Countries by Imports of goods and services (constant 2015 US$)



Regions

Europe

Imports of goods and services data for the listed countries vary significantly, indicating diverse economic activities. Germany and the United Kingdom stand out with high import values, reflecting strong trade relations and industrial capacities. Countries like Bosnia and Herzegovina and Montenegro show comparatively lower imports, signaling potential economic challenges or reliance on domestic production. High imports can stimulate economic growth but also expose vulnerabilities to external shocks. Lower imports may imply a need for boosting trade relations or improving domestic industries. Overall, this statistic portrays each country's economic openness, trade dynamics, and potential areas for development.

Far East: East Asia, SE Asia, Australia

Australia has the highest value of imports of goods and services among the listed countries, indicating a strong demand for foreign products and services. Japan follows with a considerably larger amount, reflecting its position as a major global importer. Singapore and Korea, Republic of (South) also show significantly high import values, showcasing their reliance on international trade. These countries benefit from access to a wide range of goods and services from the global market, fostering economic growth and diversity. However, heavy reliance on imports can expose them to external economic risks and fluctuations in currency exchange rates, potentially impacting their trade balances and overall economic stability.

ASEAN

The imports of goods and services in constant 2015 US$ for the selected countries are as follows: Brunei $7.23B, Cambodia $15.97B, Indonesia $161.88B, Malaysia $190.27B, Philippines $123.21B, Singapore $534.97B, Thailand $213.42B, and Vietnam $268.90B. Singapore stands out with the highest imports, reflecting its status as a major global trading hub. Malaysia follows closely due to its diversified economy. Indonesia's high imports indicate its robust domestic consumption. Thailand and Vietnam show significant import levels, signaling economic growth. Cambodia's and Brunei's comparatively lower imports suggest smaller economies. High imports can stimulate economic activity but also lead to trade deficits and dependence on foreign goods, while low imports may indicate limited domestic consumption and economic diversity.

Latin America

The imports of goods and services data for the listed countries vary significantly, with Mexico standing out with the highest value of $438 billion in constant 2015 US dollars, followed by Brazil with $239 billion and Chile with $72 billion. These figures indicate the level of economic activity and integration with the global market for each country. Mexico's high imports reflect its strong manufacturing sector but also indicate dependency on foreign goods. Brazil's imports show its large consumer market, while Chile's imports suggest a more diversified economy. Each country faces challenges such as trade deficits and currency fluctuations but benefits from access to a wide range of products and services. This data underscores the importance of international trade for economic development and exposes these countries to global market dynamics which can both drive growth and pose risks.

Middle East

The data on imports of goods and services (constant 2015 US$) reveals a varied economic landscape among the listed countries. Turkey and the United Arab Emirates stand out with significantly high import values, indicating strong international trade activities. Saudi Arabia follows closely behind, reflecting its position as a regional economic powerhouse. Egypt, Morocco, and Algeria also show substantial import figures, highlighting their reliance on foreign goods and services. On the other hand, countries like Syria and Armenia have comparatively lower import values, potentially indicating economic challenges or self-sustainability. While high imports suggest economic growth and access to diverse products, reliance on imports can leave countries vulnerable to external economic shocks and currency fluctuations, impacting their development trajectory differently.



Rivals

Anglosphere v BRICS

The imports of goods and services statistic for the selected countries show a wide range of economic activity. The United States has the highest value at $2.84 trillion, highlighting its role as a major global consumer. Canada follows with $524 billion, indicating its strong trade relations. India's imports total $531 billion, showcasing its growing economy. The United Kingdom's imports amount to $820 billion, reflecting its position as a key player in international trade. Australia, Brazil, and the Russian Federation also demonstrate substantial import figures, signifying diverse economic strengths. While high imports can indicate a strong domestic consumption and diversified economy, they may also expose countries to external shocks and dependency on global markets.

Russia v Ukraine

Imports of goods and services for the Russian Federation amount to approximately $296.92 billion USD, significantly higher than Ukraine's imports which total around $63.14 billion USD. This stark contrast reflects the difference in the scale of economic activities between the two countries. For Russia, a large import value signifies a strong integration with the global market but also a vulnerability to external economic shocks. On the other hand, Ukraine's lower imports suggest a more self-reliant economy but may also indicate limited access to diverse goods and services. This statistic underscores the divergent developmental paths of the countries, with Russia benefitting from a broader market reach but facing exposure to global risks, while Ukraine maintains a more insulated economy but with potential constraints on growth and innovation.

France v United Kingdom

France and the United Kingdom have significant imports of goods and services, with values of $756.03 billion and $820.18 billion respectively. The United Kingdom's imports are higher, indicating a larger demand for foreign goods and services. This could signify a more open economy compared to France. A benefit for France is a lower dependency on imports, leading to potential self-sufficiency in various sectors. However, this could also hinder technological advancements from international collaborations. The United Kingdom's higher imports suggest a stronger global presence and access to a wider variety of products, but it may also indicate a trade imbalance or overreliance on foreign goods. Overall, a high level of imports can drive economic growth through increased consumer choice and market competition, but it also poses risks such as trade deficits and vulnerability to global economic fluctuations.

Israel v Iran

Iran's imports of goods and services amount to approximately $33.5 billion in constant 2015 US dollars, while Israel's imports are significantly higher at around $100.8 billion. Israel's higher import value indicates a larger reliance on foreign goods and services compared to Iran. This could be advantageous for Israel in terms of access to a wider range of products but may also expose the country to fluctuations in global markets. On the other hand, Iran's lower imports may signify a more self-sufficient approach, potentially offering greater stability but limiting access to certain goods and services essential for development. Overall, the import statistic reflects each country's position in the global economy, impacting their development trajectory differently.

Saudi Arabia v Iran

Iran reported imports of goods and services amounting to approximately $33.5 billion in constant 2015 US dollars, while Saudi Arabia recorded imports valued at around $183.2 billion. This stark contrast in import levels reflects Saudi Arabia's larger and more diversified economy compared to Iran. Saudi Arabia's extensive imports indicate a strong demand for foreign goods and services, highlighting its dependency on global markets. This could provide economic stability but also vulnerability to fluctuations in international trade. Meanwhile, Iran's lower imports may signify more localized production capabilities, potentially fostering self-sufficiency but limiting exposure to diverse products. For Saudi Arabia, high imports could drive economic growth through access to advanced technologies and resources, but might also lead to trade imbalances. In contrast, Iran's lower imports may indicate a focus on domestic industries, fostering resilience but potentially hindering access to international innovations.

India v Pakistan

India's imports of goods and services amount to $531 billion, significantly higher than Pakistan's imports of $83 billion. This reflects India's larger economy and higher level of economic activity compared to Pakistan. India benefits from a diverse array of imported goods and services, supporting various industries and meeting domestic demand; however, it also faces a higher dependency on imports which can make it vulnerable to external economic shocks. In contrast, Pakistan's lower imports indicate a more closed economy with limited exposure to global markets, offering a degree of protection but potentially hindering access to critical resources for development.

Turkey v Greece

Imports of goods and services for Greece amount to $73,385,427,130.52, while Turkey's imports reach $248,905,435,331.38 in constant 2015 US dollars. Turkey's significantly higher import value compared to Greece reflects its larger economy and higher dependence on imported goods and services. This could indicate Turkey's stronger domestic consumption and industrial activity. However, this also exposes Turkey to greater external market fluctuations and dependency risks. In contrast, Greece's lower imports suggest a smaller economy with less external dependency but potentially limited access to global markets for growth. For Greece, the challenge may lie in stimulating economic growth and diversification, while Turkey must manage its vulnerability to external shocks and strive for sustainable import levels to ensure economic stability.



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