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Australia Has A$1.587 Billion Trade Deficit

Australia Has A$1.587 Billion Trade Deficit
5/7/2012 10:03 PM ET

Australia posted a seasonally adjusted merchandise trade deficit of A$1.587 billion in March, the Australian Bureau of Statistics said on Tuesday.

That missed expectations for a shortfall of A$1.4 billion after showing a deficit of A$754 million in February and a A$843 million deficit in January.

Exports were up 2.0 percent on month or A$392 million to A$24.521 billion from A$24.129 billion in the previous month.

The export of rural goods jumped 8 percent or A$199 million, while non-monetary gold climbed 6 percent of A$75 million. Non-rural goods fell A$38 million.

Net exports of goods under merchanting remained steady at A$30 million, while services credits rose 4 percent or A$156 million.

Imports jumped 5.0 percent on month or A$1.224 billion to A$26.107 billion from A$24.883 billion a month earlier.

The imports of intermediate and other merchandise goods spiked 9 percent or A$804 million, while consumption goods jumped 6 percent of A$317 million.

Capital goods collected 1 percent or A$65 million, while non-monetary gold plummeted 17 percent of A$90 million and services debits added 2 percent or A$128 million.

Upon the release of the data, the Aussie dropped against its major counterparts, trading near 1.0186 against the greenback, 81.54 against the yen, 1.2807 against the euro and 1.2830 against the kiwi.

by RTT Staff Writer

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