Finance Finance News Trade deficit widens against expectations

Trade deficit widens against expectations

AAP
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Australia’s trade balance has stayed in the red with a deficit of $3.1 billion in August, following a revised deficit in July of $2.8 billion.

Economists had expected a deficit of $2.4 billion in August.

Exports were flat, while imports rose one per cent, the Australian Bureau of Statistics said on Tuesday.

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The latest figures will be a blow to the Turnbull government, the RBA and many economic commentators who have forecast stronger export growth as the Australian dollar declines.

Lower than expected commodity prices have also affected the deficit, offsetting export volume increases in hard commodities, particulalry iron ore.

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