Australian trade deficit doubles

  • 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.

    Tagged as: trade deficit, Australia, exports, imports, commodities, iron ore, export earnings, thermal coal, labor market, business news