Australia Imports m/m
Australia Imports m/m reflect a change in the USD value of goods and services purchased by Australian residents from abroad in the reported month. The calculation of the import value in the US currency provides for a proper comparison of Australia's imports with other countries and a correct evaluation of trade statistics. Economists use the indicator to evaluate the structure and intensity of trade flows.
Trade statistics is calculated based on information importing companies provide to government agencies. Data are adjusted before being added to the balance of payment. In practice, export statistics calculation is based on goods that undergo the customs procedure and for which a customs declaration is prepared.
The following groups of goods are excluded from the calculation:
- Temporary imports of goods not for the purpose of selling (transit goods, art works for exhibition, horses for racing, etc.; items imported to be repaired)
- Newspapers and periodicals sent to Australia under direct subscription
- Vehicles intended for the goods and passengers
- Goods on digital media (movies, audio recordings, online books, etc.)
- Waste and scrap having no commercial value
- Some other items
A change in imports volume is one of important factors in assessing the economic development. This indicator is a significant component of the national GDP.
The impact of imports on Australian dollar quotes is ambiguous and depends on the context of business cycles and other economic indicators, such as production dynamics. Generally, Australia residents need to sell the Australian dollar and purchase foreign currency in order to pay to the supplier for import deliveries. Therefore, sharp imports growth can be seen as negative for the national currency quotes. However, the effect of this trade balance component on AUD volatility is usually of a short-term nature.
The chart of the entire available history of the "Australia Imports m/m" macroeconomic indicator.
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