Trade Balance (Australia)
Event Date: Tuesday, January 8, 2019
Event Time: 12:30 CET
Updated Tuesday, January 8, 2019
The Australian economy is closely tied to the Chinese economy since China is the primary export target for Australian raw materials. But, as we have seen from the Chinese data in recent months, China is going through a soft patch at the moment and the economy is softening. That means less exports from Australia to China. Will that affect the trade balance? We'll see. But keep in mind that this is the data for November. Please follow us for live coverage of this event by experienced analysts.
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About Trade Balance (Australia)
A key metric of foreign commerce levels is the Trade Balance release. Calculated by the Australian Bureau of Statistics, the Trade Balance is the difference in the value of Australia’s imports and exports. A positive Trade Balance is viewed as an indication of industrial growth, while a negative value illustrates economic slowdown.Australia’s relative isolation from the rest of the world places an emphasis upon a positive trade balance. Top exports are commodities including, coal, iron, gold, and foodstuffs. Leading imports are technology products, machinery, and crude oil. A negative Australian Trade balance is commonly associated with a drop in global commodity prices.The Australian dollar (AUD) is exceptionally sensitive to the value of gold. Gold mining and production is an integral part of Australia’s economy. When global commodity prices falter, led by gold, the AUD struggles. This typically coincides with a negative or underperforming Trade Balance.