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Exports fall, trade deficit widens

Exports fall, trade deficit widens article image

Australian exports have declined by five percent and imports have dropped by four percent in the figures from May released by the Australian Bureau of Statistics. The trade balance of goods and services for the month was $556 million deficit, seasonally adjusted, following a $282 million shortfall in April. The deficit is almost four time larger than the $125 million economists had forecast for May. A 15 percent drop in coal exports contributed significantly to the deficit. Economist believe we won't be in surplus for a while as imports are expected to pick up and the value of other commodities such as iron ore come down from boom levels. A stronger Australian dollar may also be a factor in denting exports.

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