External Trade: Volume of Imports of Goods and Services for Tonga
TONTMRPCPPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-1.13
Year-over-Year Change
-153.88%
Date Range
1/1/2016 - 1/1/2018
Summary
The 'External Trade: Volume of Imports of Goods and Services for Tonga' trend measures the total volume of imports of goods and services into Tonga's economy. This is a key indicator of the country's international trade activity and economic openness.
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 indicator tracks the real value of all goods and services imported into Tonga over time. It provides insight into the island nation's reliance on foreign trade and its integration with the global economy.
Methodology
The data is collected by Tonga's statistics office through surveys of importers and customs records.
Historical Context
Analysts and policymakers use this metric to assess Tonga's trade balance, economic growth prospects, and resilience to external shocks.
Key Facts
- Tonga is a small island nation in the South Pacific.
- Imports account for over 50% of Tonga's GDP.
- Import volumes have grown significantly since the 1990s.
FAQs
Q: What does this economic trend measure?
A: The 'External Trade: Volume of Imports of Goods and Services for Tonga' measures the total real value of all goods and services imported into Tonga's economy.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into Tonga's international trade activity, economic openness, and reliance on foreign goods and services. It is an important metric for assessing the island nation's trade balance and economic growth prospects.
Q: How is this data collected or calculated?
A: The data is collected by Tonga's statistics office through surveys of importers and customs records.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to evaluate Tonga's trade balance, economic growth, and resilience to external shocks. It informs decisions around trade policy, industrial development, and macroeconomic management.
Q: Are there update delays or limitations?
A: There may be some delays in data reporting due to the challenges of data collection in a small island nation. However, the series is updated regularly by Tonga's statistics office.
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TONFCNODDNUM
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Citation
U.S. Federal Reserve, External Trade: Volume of Imports of Goods and Services for Tonga (TONTMRPCPPPT), retrieved from FRED.