World Economy

Australia Imports Rise

Australia Imports RiseAustralia Imports Rise

Australia’s trade slumped to a $628 million deficit in November, as weaker coal and grain exports combined with increased imports for the worst result in more than a year, AAP reported. Exports were flat for the month while imports grew by 1%, the Australian Bureau of Statistics said on Friday. The result came in far below market expectations of a surplus of up to $800 million, with even the most pessimistic forecasts of a flat balance proving to be out of reach. The monthly deficit was the second in a row after the ABS also revised down October’s narrow $105 million surplus to a $302 million deficit. Falling prices in key exports contributed to the weak start to the fourth quarter, Westpac economist Simon Murray said, including the November stall in the price of iron ore, which has since rallied. November imports were up 1%, or $467 million, driven by an increase in capital goods, with aviation and telecommunications equipment leading the gains.

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