Open economy

The openness of an economy can be expressed by the share of GDP accounted for by imports and exports of goods and services. This can be measured by expressing the value of imports and exports of goods and services as a percentage of national income.

NB:
1) This measure results in countries like the US being qualified as less open because their domestic market is large.
2) Percentage of GDP is higher than contribution to GDP because imports are necessary for exports. This is most strongly the case for re-exports.
3) A country with an open economy, as defined above, need not necessarily have an open attitude with respect to international trade, although there is a clear correlation between the two. 

Synonyms: high level of trade integration, closely interwoven in global trade