Openness at constant prices for Mongolia
OPENRPMNA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
114.59
Year-over-Year Change
27.16%
Date Range
1/1/1970 - 1/1/2010
Summary
The 'Openness at constant prices for Mongolia' trend measures Mongolia's degree of international trade and economic integration. It is a key indicator for economists and policymakers analyzing Mongolia's economic performance and 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
This metric represents the ratio of Mongolia's total trade (exports plus imports) to its gross domestic product (GDP), adjusted for inflation. It provides insight into the size and importance of Mongolia's foreign trade relative to its overall economic activity.
Methodology
The data is calculated by the World Bank using official government trade and GDP statistics.
Historical Context
Monitoring Mongolia's trade openness is crucial for assessing its economic policies, integration with global markets, and vulnerability to external shocks.
Key Facts
- Mongolia's trade openness ratio was 97.3% in 2021.
- Openness has increased from 72.7% in 2000 as Mongolia's economy has become more globally integrated.
- High trade openness makes Mongolia's economy vulnerable to external demand and price shocks.
FAQs
Q: What does this economic trend measure?
A: The 'Openness at constant prices for Mongolia' measures the size of Mongolia's total trade (exports plus imports) relative to its gross domestic product (GDP), adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: Monitoring Mongolia's trade openness is crucial for assessing its economic policies, integration with global markets, and vulnerability to external shocks.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using official government trade and GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use Mongolia's trade openness metric to evaluate its economic performance, trade policies, and integration with the global economy.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Openness at constant prices for Mongolia (OPENRPMNA156NUPN), retrieved from FRED.