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Australia Has A$1.359 Billion Trade Deficit

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Australia posted a seasonally adjusted merchandise trade deficit of A$1.359 billion in July, the Australian Bureau of Statistics said on Thursday.

That topped forecasts for a shortfall of A$1.750 billion following the upwardly revised A$1.564 billion deficit in June (originally A$-1.683 billion).

Exports were up 1.0 percent on month or A$280 million to A$27.022 billion.

Non-monetary gold surged A$150 million (14 percent), while rural goods climbed A$75 million (2 percent), non-rural goods added A$44 million and net exports of goods under merchanting gained A$1 million (100 percent).

Services credits added A$10 million.

Imports were roughly flat on month, adding A$74 million to A$28.381 billion.

Intermediate and other merchandise goods climbed A$89 million (1 percent) and consumption goods collected A$19 million.

Non-monetary gold tumbled A$77 million (23 percent), while capital goods fell A$2 million. Services debits advanced A$45 million (1 percent).

Also on Thursday, the ABS said that the total value of retail sales in Australia was up a seasonally adjusted 0.4 percent on month in July, standing at A$23.310 billion.

That was in line with forecasts, although it slowed from the 0.6 percent expansion in June.

Among the individual components, food retailing was up 0.3 percent on month, followed by household goods retailing (0.2 percent) and cafes, restaurants and takeaway food services (0.1 percent).

Moving lower, sales for clothing, footwear and personal accessory tumbled 0.4 percent, followed by sales for department stores (-0.2 percent) and other retailing (-0.1 percent).

By region, sales in New South Wales added 0.3 percent, followed by Western Australia (0.1 percent), South Australia (0.2 percent), Tasmania (0.2 percent) and the Australian Capital Territory (0.2 percent).

Victoria was relatively unchanged (0.0 percent), while sales in Queensland (-0.1 percent) and the Northern Territory (-0.3 percent) were down.

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