This indicator reflects the total levies imposed on goods entering a country and services provided by nonresidents to the local population, encompassing a range of tariffs designed to serve both revenue-generation and protective economic functions. These duties are typically classified into specific amounts or as a percentage of the value of the goods and services, allowing governments to influence trade dynamics significantly. By evaluating these levies, one can gain insights into a nation’s trade policy strategies, revenue needs, and the impact of international relations on domestic markets. Fluctuations in these duties can also signal shifts in economic priorities, such as increased protectionism or efforts to encourage foreign investment, thereby influencing general economic health and development. Source: