Australia's Trade Deficit Widens In September
11/4/2009 11:37 PM ET
(RTTNews) -
Thursday, the Australian Bureau of Statistics announced that Australia's trade deficit widened less than expected in September, with both imports and exports on the rise. Nevertheless, September marked the fifth successive month in which Australia has posted a trade deficit.
The trade deficit rose to a seasonally adjusted A$1.85 billion in September from a revised A$1.65 billion deficit in the previous month, although it was smaller than the A$2.15 billion deficit expected by economists. September's deficit was the largest deficit recorded since March 2008.
Exports of goods and services rose 5% on month to A$20.21 billion in September. Of this, exports of non-monetary gold soared 64%, while exports of rural goods fell 3%. Exports of non-rural goods rose 2% and services credits climbed 3%.
In terms of components, exports of coal, coke & briquettes rose 9% in September. Other components that recorded increases include exports of other non-rural goods, which grew 10%, travel services credit, up 5%, and other services credit, up 1%. These rises were partly offset by exports of other mineral fuels, which dropped 6%, and exports of cereal grains & cereal preparations, down 10%.
At the same time, imports of goods and services grew 5% on month to A$22.06 billion in September. Of this, imports of intermediate & other merchandise goods rose 10%, while imports of non-monetary gold surged 33%. Imports of consumption goods and capital goods were both up 2%, while services debits increased 1%.
In September, imports of fuels & lubricants recorded the most significant increase, up 25%. Other notable increases include imports of parts for transport equipment, up 25%, while imports of non-industrial transport equipment n.e.s. rose 15%. Imports of other merchandise goods and consumption goods n.e.s. grew 84% and 3%, respectively.
The trade data comes close on the heels of the retail sales report which showed that retail sales declined a seasonally adjusted 0.2% month-on-month to A$19.72 billion in September, in contrast to the 0.5% increase in the previous month. Economists had forecast 0.5% growth in sales.
Also on Wednesday, the bureau reported that housing construction approvals in Australia rose a seasonally adjusted 2.7% on month to 12,476 in September, compared to 12,145 approvals in August. For the full year to September, construction approvals were up 11.7%.
Earlier in the week, the Reserve Bank of Australia raised its benchmark interest rate by a further 25 basis points to 3.50%, citing stronger-than-expected economic conditions. "With the risk of serious economic contraction in Australia now having passed, the Board's view is that it is prudent to lessen gradually the degree of monetary stimulus that was put in place when the outlook appeared to be much weaker," RBA governor Glenn Stevens said in a statement.
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