Openness at Current Prices for Canada
OPENCPCAA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
60.75
Year-over-Year Change
-24.86%
Date Range
1/1/1950 - 1/1/2010
Summary
The 'Openness at Current Prices for Canada' measures the total value of imports and exports relative to Canada's gross domestic product (GDP), providing insight into the degree of international trade integration of the Canadian economy.
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 reflects the openness of the Canadian economy to international trade. It is calculated as the sum of imports and exports divided by GDP, expressed as a percentage. Economists use this metric to assess the extent to which the Canadian economy is engaged in global commerce and supply chains.
Methodology
The data is calculated by Statistics Canada using national accounts data on imports, exports, and GDP.
Historical Context
Policymakers and analysts monitor this openness metric to understand the role of international trade in Canada's economic growth and development.
Key Facts
- Canada's openness ratio averaged around 65% from 2010-2020.
- The openness ratio peaked at over 70% in 2000 before declining during the 2000s.
- Canada is a relatively open economy, with a high degree of integration into global trade and supply chains.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at Current Prices for Canada' measures the total value of imports and exports relative to Canada's gross domestic product (GDP), providing insight into the degree of international trade integration of the Canadian economy.
Q: Why is this trend relevant for users or analysts?
A: Economists use this metric to assess the extent to which the Canadian economy is engaged in global commerce and supply chains, which is crucial for understanding Canada's economic growth and development.
Q: How is this data collected or calculated?
A: The data is calculated by Statistics Canada using national accounts data on imports, exports, and GDP.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this openness metric to understand the role of international trade in Canada's economic growth and development, which informs trade and economic policies.
Q: Are there update delays or limitations?
A: The data is published regularly by Statistics Canada, with minimal delays. However, revisions to historical data may occur as part of regular statistical updates.
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Citation
U.S. Federal Reserve, Openness at Current Prices for Canada (OPENCPCAA156NUPN), retrieved from FRED.