International reserves (including gold), months of import cover

This statistic measures how many months of goods-and-services imports a country could finance using its international reserves (including gold). It’s a widely used indicator of external liquidity and a country’s ability to withstand balance-of-payments shocks (e.g., commodity price spikes, sudden stops in capital flows, or exchange-rate pressure). Higher values generally indicate a larger buffer, though what’s “adequate” can differ by exchange-rate regime, openness, and access to external financing.

The IMF compiles these figures in the World Economic Outlook (WEO) database. Import cover is typically calculated as reserves divided by average monthly imports. Small economies, commodity exporters, and financial centers can show very high values, while countries under external stress or with limited reserves can be much lower. Comparability can be affected by differences in reserve composition, import volatility, and whether reserves are encumbered.