Trade deficit hits $2.3bn From: AAP July 14, 2006 THE Australian balance on goods and services was a deficit of $2.266 billion, seasonally adjusted, in May from an upwardly revised deficit of $1.115 billion in April, the Australian Bureau of Statistics said.
It was the 50th consecutive monthly trade deficit. The Australian Bureau of Statistics said the huge blowout was due to a 3-per-cent fall in exports, and a 3-per-cent surge in imports.
Economists were expecting a deficit of $1.5 billion
The bureau said exports fell to $16.5 billion, due to a 5-per-cent drop in non-rural exports. Rural exports fell 1 per cent while services exports were up marginally.
Imports soared to $18.7 billion. Imports of intermediate and other goods rose 8 per cent, capital goods imports were up 3 per cent, while imports of consumption goods fell marginally.
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The bureau said there was a 22-per-cent fall in exports of other mineral fuels, a 13-per-cent drop in other manufactures. Exports of coal and coke – the nation's single largest export commodity – fell 5 per cent.
There was a 12-per-cent lift in exports of metals, excluding non-monetary gold, and a 10-per-cent increase in exports of other non-rural products.
On the import side, textiles, clothing and footwear were down 6 per cent, household electrical items dropped 4 per cent and toys and leisure goods fell 4 per cent.
However, imports of fuels and lubricants soared 31 per cent, crude petroleum imports were up 20 per cent (largely due to a 14-per-cent increase in the volume of oil brought into the country) while parts for transport equipment imports were up 5 per cent.
