International Trade: Imports: Value (Goods): Total for Australia
XTIMVA01AUQ188S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16.19
Year-over-Year Change
10.72%
Date Range
1/1/1960 - 7/1/2023
Summary
The 'International Trade: Imports: Value (Goods): Total for Australia' trend measures the total value of goods imported into Australia. This metric is closely watched by economists and policymakers to assess the country's trade balance and economic performance.
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 series represents the total value of goods imported into Australia, including both consumer goods and capital goods. The import data is a key component used to calculate Australia's trade balance and current account position, which are important indicators of the country's economic health and global competitiveness.
Methodology
The data is collected by the Australian Bureau of Statistics through surveys of businesses and customs records.
Historical Context
Policymakers and analysts use this import data to evaluate Australia's trade relationships, the impact of exchange rates, and the broader economic environment.
Key Facts
- Australia is one of the world's largest importers of goods.
- Imports account for over 20% of Australia's GDP.
- China is Australia's largest source of imports.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of goods imported into Australia, including consumer and capital goods.
Q: Why is this trend relevant for users or analysts?
A: This import data is a key component used to calculate Australia's trade balance and current account position, which are important indicators of the country's economic health and global competitiveness.
Q: How is this data collected or calculated?
A: The data is collected by the Australian Bureau of Statistics through surveys of businesses and customs records.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this import data to evaluate Australia's trade relationships, the impact of exchange rates, and the broader economic environment.
Q: Are there update delays or limitations?
A: The data is published monthly with a short delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, International Trade: Imports: Value (Goods): Total for Australia (XTIMVA01AUQ188S), retrieved from FRED.