| Code | TM.VAL.MRCH.CD.WT |
| Indicator Name | Merchandise imports (current US$) |
| Short definition | Merchandise imports includes goods whose economic ownership is changed from a non-resident to a resident and that are not included in the following specific categories: goods under merchanting, non-monetary gold, and parts of travel, construction, and government goods and services n.i.e. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars. |
| Long definition | Merchandise imports includes goods whose economic ownership is changed from a non-resident to a resident and that are not included in the following specific categories: goods under merchanting, non-monetary gold, and parts of travel, construction, and government goods and services n.i.e. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars. |
| Source | World Trade Organization (WTO) |
| Topic | Private Sector & Trade: Imports |
| Dataset | WDI |
| Unit of measure | current US$ |
| Periodicity | Annual |
| Reference period | 1960-2024 |
| Aggregation method | Gap-filled total |
| Statistical concept and methodology | Methodology: International merchandise trade statistics are compiled in accordance with international standards: International Merchandise Trade statistics – Concepts and Definitions 2010. Specific information on how countries compile their merchandise trade statistics can be found on the IMF website: https://dsbb.imf.org/
Statistical concept(s): The conceptual basis for international merchandise trade statistics covers a specialized multipurpose domain of official statistics concerned with the provision of data on the movements of goods between countries and areas. Trade statistics are compiled to serve the needs of many users, including Governments; the business community; compilers of other economic statistics, such as balance of payments and national accounts; various regional, supranational and international organizations; researchers; and the public at large. Different users need different data, ranging from data sets by country and commodity at varying levels of detail to aggregated figures. |
| Development relevance | This indicator is related to the trade statistics, which are essential for gauging a country's economic performance, particularly through the lens of its trade balance, which is the net of exports against imports. These statistics inform government trade policy, trade agreement negotiations, and decisions on tariffs and other trade barriers. For businesses, this information is crucial for strategic decisions about export and import locations, market entry, and product pricing. By enabling comparisons between nations, trade data sheds light on competitive strengths and the movement of goods and services internationally. It's also key for monitoring trade trends, including the rise of new markets or shifts in commodity demand, and for identifying both opportunities for growth and potential economic risks. Trade volumes and values are important economic indicators, offering insights into the economic health of a nation and affecting investment decisions and forecasts. Overall, trade statistics play a central role in understanding the complexities of global trade and in guiding both macroeconomic policy and microeconomic business decisions. |
| Limitations and exceptions | The value of imports is generally recorded as the cost of the goods when purchased by the importer plus the cost of transport and insurance to the frontier of the importing country - the cost, insurance, and freight (c.i.f.) value, corresponding to the landed cost at the point of entry of foreign goods into the country. A few countries collect import data on a free on board (f.o.b.) basis and adjust them for freight and insurance costs.
Countries may report trade according to the general or special system of trade. Under the general system imports include goods imported for domestic consumption and imports into bonded warehouses and free trade zones. Under the special system imports comprise goods imported for domestic consumption (including transformation and repair) and withdrawals for domestic consumption from bonded warehouses and free trade zones. Goods transported through a country en route to another are excluded.
Data on imports of goods are derived from the same sources as data on exports. In principle, world exports and imports should be identical. Similarly, exports from an economy should equal the sum of imports by the rest of the world from that economy. But differences in timing and definitions result in discrepancies in reported values at all levels. |
| License URL | https://datacatalog.worldbank.org/public-licenses#cc-by |
| License Type | CC BY-4.0 |
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