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Australian trade balance plunges further into deficit |
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17:01, July 02, 2009 |
Australia's international trade position plunged further into deficit in May as exports dropped by five percent in a difficult global environment.
The Australian Bureau of Statistics revealed on July 2 the trade balance of goods and services in May was a seasonally-adjusted 556 million Australian dollars (446 million U.S. dollars) deficit, after a downwardly-revised 282 million Australian dollars(226 million U.S. dollars) shortfall in April.
Economists' forecasts had centered on a 125 million Australian dollars (100 million U.S. dollars) deficit for May.
A 15 percent drop in coal exports was partly to blame for a second consecutive monthly trade gap that ended eight straight months of surpluses.
Imports fell four percent in May, led by a 14 percent drop in capital goods and reflected a weak business climate.
Source:Xinhua
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