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Category: Trade / Economic Trends

Trade deficit blows out to $3.4b

Tuesday, 5 Apr 2016 10:13:07 | Stephen Letts

Ships are loaded with coal at Port Waratah. (AAP: Dean Lewins, file photo)

Australia's trade deficit blew out dramatically to $3.4 billion in February, the fifth largest figure since the Australian Bureau of Statistics started recording the data 45 years ago.

Four of the five largest deficits on record have now been racked up since June last year, including December which has been revised out to $4 billion, the biggest deficit on record.

Market expectations had been for the deficit to narrow to $2.4 billion.

While imports remained flat, exports on a seasonally adjusted basis fell 1 per cent, or $308 million.

The value of iron ore fines exported in February rose 10 per cent – or $237 million – on the back of an 8 per cent increase in volume and 3 per cent rise in price, while the value of lump iron ore shipments jumped 22 per cent.

However, exports of coking coal – another key ingredient in steelmaking – fell 28 per cent, with volumes and prices down 17 per cent and 13 per cent respectively.

External Link: Trade deficit

Exports of liquefied natural gas – which had been expected to help narrow the deficit – also fell 2 per cent.

Despite increased volumes, LNG prices fell 4 per cent in February, dragging the overall performance down.

Gold exports – which tend to be fairly volatile – tumbled 20 per cent, or $290 million.

Rural goods exports fell 5 per cent, or $200 million, pulled down by an 11 per cent fall in the value of cereal shipments, while meat and processed meat exports were down 4 per cent.

AustraliaPlus


 

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