Australian trade deficit doubles
November 4 , 2014
The trade deficit of Australia has doubled to $1.96 billion in September, figures show, according to media reports.
While exports in the month increased by 1%, imports rose 6%. The deficit increased much more than expected.
Drop in prices of commodities such as iron ore could be a reason for the figures. The price slump has affected Australia’s export earnings. Prices of thermal coal, another key commodity, are also quite low.
Meanwhile, new data has also shown a weakening labor market.