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Australia has posted its biggest trade deficit in almost a year-and-a-half, due largely to weaker iron-ore prices and a stronger Australian dollar.

Australia’s trade surplus rose above market expectations in December by millions.

November 2011 saw another trade surplus recorded for Australia, making it the ninth consecutive monthly trade surplus in 2011 and a welcome report at the start of the new year.

Australia’s strong trade performance persisted throughout October, in the face of a strong Australian dollar and uncertain global economic conditions, with a $1.6 billion surplus, according to figures from the ABS.

Australia's total goods and services exports almost reached $300 billion in the 2010/2011 financial year. This is an increase of more than 17 percent year-on-year.

Australia has recorded a trade surplus of $1.8 billion for July, influenced by their ongoing engagement with regional partners.

The world is "licking its lips" for Australian resources making predictions of economic doom and gloom for the May budget unrealistic, a leading economic forecaster has said.