Colombia Economic

Trade in goods and services is defined as the transactions in goods and services between residents and non-residents. It is measured in million USD at 2015 constant prices and PPPs, as percentage of GDP for net trade, and also in annual growth for exports and imports. All OECD countries compile their data according to the 2008 System of National Accounts (SNA).

Trade in goods includes all goods which add to, or subtract from, the stock of material resources of a country by entering its economic territory (imports) or leaving it (exports). This indicator is measured in million USD. Goods are physical, produced items over which ownership rights can be established and whose economic ownership can be passed from one institutional unit to another by engaging in transactions. Goods being transported through a country or temporarily admitted or withdrawn (except for goods for inward or outward processing) are not included. All OECD countries compile their data according to the 2008 System of National Accounts (SNA).

Trade in services records the value of services exchanged between residents and non-residents of an economy, including services provided through foreign affiliates established abroad. This indicator is measured in million USD and percentage of GDP for exports, imports and net trade. Services include transport (both freight and passengers), travel, communications services (postal, telephone, satellite, etc.), construction services, insurance and financial services, computer and information services, royalties and license fees, other business services (merchanting, operational leasing, technical and professional services, etc.), cultural and recreational services, and government services not included in the list above. Trade in services drives the exchange of ideas, know-how and technology, although it is often restricted by barriers such as domestic regulations. All OECD countries compile their data according to the 2008 System of National Accounts (SNA).