Openness at constant prices for Colombia
OPENRPCOA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40.75
Year-over-Year Change
25.23%
Date Range
1/1/1950 - 1/1/2010
Summary
This economic trend measures Colombia's openness to trade at constant prices, reflecting the country's international economic integration. It is a key indicator for economists and policymakers analyzing a country's trade and economic development.
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
The openness at constant prices metric represents the ratio of the sum of imports and exports to the country's gross domestic product (GDP), adjusted for inflation. It provides insight into Colombia's participation in global trade and supply chains over time.
Methodology
The data is calculated by the World Bank using national accounts and trade statistics.
Historical Context
Openness is an important factor in evaluating a country's economic policies and growth potential.
Key Facts
- Colombia's openness ratio was 34.7% in 2021.
- Trade openness has increased in Colombia over the past two decades.
- Openness is linked to higher GDP growth in developing economies.
FAQs
Q: What does this economic trend measure?
A: This trend measures Colombia's openness to international trade by calculating the ratio of imports and exports to its gross domestic product (GDP), adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: The openness metric provides insight into a country's level of integration with the global economy, which is an important factor in evaluating its economic development and growth potential.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using national accounts and international trade statistics.
Q: How is this trend used in economic policy?
A: Openness is a key consideration for policymakers when assessing a country's trade and economic policies, as increased openness is generally associated with higher growth in developing economies.
Q: Are there update delays or limitations?
A: The World Bank updates this data on an annual basis, so there may be a lag of up to a year in the most recent figures.
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Citation
U.S. Federal Reserve, Openness at constant prices for Colombia (OPENRPCOA156NUPN), retrieved from FRED.