Openness at constant prices for Republic of Korea
OPENRPKRA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92.06
Year-over-Year Change
77.18%
Date Range
1/1/1953 - 1/1/2010
Summary
The 'Openness at constant prices for Republic of Korea' metric measures the degree of economic integration and trade participation for South Korea. It is an important indicator for economists and policymakers analyzing the country's trade dynamics and global 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 ratio of South Korea's total trade (exports plus imports) to its gross domestic product (GDP), adjusted for inflation. It provides insights into the country's openness and dependence on international trade as a driver of economic growth and development.
Methodology
The data is calculated by the Bank of Korea using official trade and GDP statistics.
Historical Context
Policymakers and analysts use this metric to assess South Korea's trade policies, exchange rate management, and overall economic strategies.
Key Facts
- South Korea is one of the world's most trade-dependent economies.
- The openness ratio has increased from around 60% in the 1990s to over 80% in recent years.
- Trade plays a crucial role in South Korea's economic growth and development strategy.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Republic of Korea' metric measures the degree of economic integration and trade participation for South Korea, calculated as the ratio of total trade (exports plus imports) to GDP.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into South Korea's trade dynamics and global competitiveness, which are crucial factors for policymakers and economists analyzing the country's economic development and growth strategies.
Q: How is this data collected or calculated?
A: The data is calculated by the Bank of Korea using official trade and GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess South Korea's trade policies, exchange rate management, and overall economic strategies, as it reflects the country's dependence on international trade.
Q: Are there update delays or limitations?
A: The data is published regularly by the Bank of Korea, with typical update delays of a few months. As with any macroeconomic statistic, there may be revisions and limitations based on data collection and calculation methods.
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Citation
U.S. Federal Reserve, Openness at constant prices for Republic of Korea (OPENRPKRA156NUPN), retrieved from FRED.