Australian records highest trade deficit in four years as commodity prices soften
03 Oct 2012
Australia's trade deficit has blown over $2 billion, with figures for the previous two months also revised downwards.
According to figures from the Bureau of Statistics, Australia imported $2.03 billion worth of goods and services more than it exported in August, which was the worst monthly result since March 2008.
Adding to the disappointing results for August are sharp reivisions to the previous two results from July and June.
The deficit for July had almost tripled from the original $556 million to $1.53 billion, even as the deficit for June was revised down again to nearly $800 million.
The fall in Australia's trade position came due to a 3 per cent slump in exports during August, even as imports eased 1 per cent.
The value of exports was down $844 million in August, due largely to a 7 per cent ($464 million) fall in the value of metal ore and mineral exports, led by iron and copper ores.
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