External Trade: Volume of Imports of Goods and Services for Philippines
PHLTMRPCPPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.39
Year-over-Year Change
-78.39%
Date Range
1/1/2016 - 1/1/2024
Summary
The External Trade: Volume of Imports of Goods and Services for Philippines measures the quantity of imported goods and services in the Philippine economy. This metric is crucial for economists and policymakers to assess the country's trade balance and international 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 indicator tracks the real volume of imports, which includes both goods and services purchased from other countries. It provides insight into the Philippines' reliance on foreign products and services, and can inform decisions around trade policy, exchange rates, and domestic production.
Methodology
The data is calculated based on official government import statistics and national accounts data.
Historical Context
Policymakers use this metric to monitor the Philippines' participation in global trade and the health of its external sector.
Key Facts
- The Philippines is a major importer of goods and services.
- Imports account for over 50% of the country's GDP.
- Import volumes are a key indicator of domestic demand and economic performance.
FAQs
Q: What does this economic trend measure?
A: The External Trade: Volume of Imports of Goods and Services for Philippines measures the real quantity of imported goods and services purchased by the Philippine economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the Philippines' trade dynamics, international competitiveness, and reliance on foreign products, which are important for economic policymaking and business strategy.
Q: How is this data collected or calculated?
A: The data is calculated based on official government import statistics and national accounts data.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to monitor the Philippines' participation in global trade and the health of its external sector, informing decisions around trade policy, exchange rates, and domestic production.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of official government statistics.
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Citation
U.S. Federal Reserve, External Trade: Volume of Imports of Goods and Services for Philippines (PHLTMRPCPPPT), retrieved from FRED.