Value of Exports to Republic of Korea from Illinois
ILKORA052SCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,196,648,656.00
Year-over-Year Change
168.19%
Date Range
1/1/1992 - 1/1/2016
Summary
The 'Value of Exports to Republic of Korea from Illinois' measures the total value of goods and services exported from the state of Illinois to South Korea. This metric is important for understanding Illinois' international trade patterns and competitiveness.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic trend represents the dollar value of all merchandise and services shipped from Illinois to South Korea. It is a key indicator of the strength of the trade relationship between Illinois and one of its major international partners.
Methodology
The data is collected through surveys of businesses and customs records by the U.S. Census Bureau.
Historical Context
Policymakers and businesses use this trend to assess Illinois' trade flows and competitiveness in the global economy.
Key Facts
- Illinois exported over $4 billion in goods and services to South Korea in 2021.
- South Korea is Illinois' 5th largest export market globally.
- Illinois' top exports to South Korea include machinery, transportation equipment, and agricultural products.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of merchandise and services exported from the state of Illinois to South Korea.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the strength of the trade relationship between Illinois and one of its major international partners, which is important for understanding the state's economic competitiveness and global trade flows.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and customs records by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to assess Illinois' trade flows and competitiveness in the global economy, which can inform economic development strategies and trade policies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Census Bureau, with a typical 3-month lag in reporting.
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Citation
U.S. Federal Reserve, Value of Exports to Republic of Korea from Illinois (ILKORA052SCEN), retrieved from FRED.