National Accounts: GDP by Expenditure: Current Prices: Less: Imports of Goods and Services for Australia
NAEXCP07AUQ189S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
140,462,000,000.00
Year-over-Year Change
61.39%
Date Range
1/1/1960 - 7/1/2023
Summary
This economic trend measures the current price value of imports of goods and services in Australia's gross domestic product (GDP) by expenditure. It is a key indicator of international trade and economic activity.
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
The imports component of GDP by expenditure represents the value of all goods and services imported into Australia. Economists and policymakers analyze this trend to understand the country's trade balance, international competitiveness, and economic openness.
Methodology
The data is collected and calculated by the Australian Bureau of Statistics through national accounts surveys and trade statistics.
Historical Context
This metric is widely used to assess the state of the Australian economy and inform economic and trade policies.
Key Facts
- Australia's imports of goods and services totaled $290 billion in 2021.
- Imports account for approximately 20% of Australia's GDP.
- The imports trend has grown by an average of 3.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the current price value of imports of goods and services that are subtracted from Australia's gross domestic product (GDP) by expenditure.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding Australia's trade balance, international competitiveness, and the overall openness of the Australian economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Australian Bureau of Statistics through national accounts surveys and trade statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the state of the Australian economy and inform trade, fiscal, and monetary policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Current Prices: Less: Imports of Goods and Services for Australia (NAEXCP07AUQ189S), retrieved from FRED.