Nominal Imports of Goods and Services for Ireland
NMXDCIRA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,817,405,875.61
Year-over-Year Change
541.68%
Date Range
1/1/2012 - 1/1/2020
Summary
The Nominal Imports of Goods and Services for Ireland measures the total value of goods and services imported into Ireland. It is a key economic indicator used to assess Ireland'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 series represents the total nominal value of all goods and services imported into Ireland, including merchandise trade and services such as transportation, travel, and intellectual property. It is a crucial metric for policymakers and analysts to evaluate Ireland's economic performance and trade relationships.
Methodology
The data is collected and calculated by Ireland's Central Statistics Office based on surveys and administrative sources.
Historical Context
Trends in Ireland's imports provide insight into domestic demand, supply chain dynamics, and the country's position in global trade networks.
Key Facts
- Ireland is a major importer of goods and services, with imports accounting for over 90% of GDP.
- Imports of machinery, transport equipment, and chemicals are the largest components of Ireland's imports.
- Import trends are closely watched as an indicator of domestic economic conditions and trade policy impacts.
FAQs
Q: What does this economic trend measure?
A: The Nominal Imports of Goods and Services for Ireland measures the total value of all goods and services imported into the country, including merchandise trade and various service categories.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing Ireland's trade balance, evaluating the country's participation in global supply chains, and analyzing the impacts of economic and trade policies on domestic consumption and competitiveness.
Q: How is this data collected or calculated?
A: The data is compiled by Ireland's Central Statistics Office based on surveys of importing firms and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use import data to monitor domestic demand, gauge trade imbalances, and inform decisions on trade agreements, tariffs, and other policies affecting Ireland's international commerce.
Q: Are there update delays or limitations?
A: The import data is published on a monthly basis with a typical lag of 6-8 weeks from the end of the reference period.
Related Trends
Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Miscellaneous Goods and Services for Ireland
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Composite Leading Indicators: Composite Consumer Confidence Amplitude Adjusted for Ireland
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Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Goods for Ireland
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Amount Outstanding of International Debt Securities for Issuers in General Government Sector, All Maturities, Residence of Issuer in Ireland
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Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Restaurants and Hotels for Ireland
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Citation
U.S. Federal Reserve, Nominal Imports of Goods and Services for Ireland (NMXDCIRA), retrieved from FRED.