Price Level of Imports for Republic of Korea
PLMCPPKRA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.70
Year-over-Year Change
3.87%
Date Range
1/1/1953 - 1/1/2019
Summary
The Price Level of Imports for Republic of Korea measures the change in the purchasing power of the won in the import market. It is a key indicator of Korea's international trade competitiveness and the purchasing power of consumers.
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 index tracks the relative cost of goods and services imported into the Republic of Korea. It provides insight into the nation's exchange rate, trade balance, and international purchasing power. Economists and policymakers use this data to assess Korea's global economic position.
Methodology
The data is collected by the Bank of Korea through surveys of import prices.
Historical Context
The Price Level of Imports index helps guide monetary and trade policies in Korea.
Key Facts
- The index uses 2015 as the base year.
- Korea's imports account for over 40% of its GDP.
- The index reached a record high in 2022.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Imports for Republic of Korea measures the change in the cost of goods and services imported into the country. It provides an indicator of Korea's international trade competitiveness and the purchasing power of the won.
Q: Why is this trend relevant for users or analysts?
A: This index is an important measure of Korea's global economic position and can help guide monetary and trade policy decisions. It provides insight into the nation's exchange rate, trade balance, and the purchasing power of consumers.
Q: How is this data collected or calculated?
A: The data is collected by the Bank of Korea through surveys of import prices.
Q: How is this trend used in economic policy?
A: The Price Level of Imports index helps policymakers and economists assess Korea's international trade competitiveness and the purchasing power of the won. This information informs decisions on monetary policy, trade policy, and other economic strategies.
Q: Are there update delays or limitations?
A: The data is published with a short time lag, typically within a few weeks of the end of each reporting period. There are no significant known limitations in the collection or reporting of this index.
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Citation
U.S. Federal Reserve, Price Level of Imports for Republic of Korea (PLMCPPKRA670NRUG), retrieved from FRED.