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Australian Trade Balance deficit rose to $1.54 billion in October

Thursday, Dec 08 2016
Australian Trade Balance deficit rose to $1.54 billion in October

Australia runs a small risk of entering technical recession, according to a leading private sector economist, after worse-than-expected October data showed the trade deficit blowing out. The nation's imports exceeded exports by $1.54 billion in October, $269 million worse than the September deficit and widely missing the typical analyst forecast of a $600 million deficit.

The trade deficit blowout was caused by a 2 per cent increase in imports outweighing a 1 per cent rise in exports. The ABS data for October show hard coking coal export volumes fell 12 per cent, while thermal coal dropped 16 per cent and semi-soft coking coal grew just 1 per cent. Iron ore and LNG volumes appeared to grow solidly, by around 2-3 and 5 per cent respectively.

 

Aussie is currently being traded around 0.7480 level. Pair is likely to find support around 0.74 handle and resistance above 0.7550 area.

More in this category: « UK Industrial Production fell by 1.3% China's imports grew by most in two years »

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