Trade Deficit

Import Export Trade Gap expands to $2.5 billion


A surge in imports took Australia's trade gap with the rest of the world to $2.5 billion in November. But much of the blame for the ballooning deficit has been placed on a glitch with a new Customs computer program which created a backlog of imports. Figures from the Australian Bureau of Statistics (ABS) on Tuesday showed the trade deficit for November grew $1.1 billion to $2.47 billion, the 44th consecutive monthly trade deficit. The value of exports inched up one per cent to $15.12 billion, while imports jumped seven per cent to $17.59 billion.

$AUD Stronger on the Back of Weak US Trade Deficit Figures


The Australian dollar opened stronger on Thursday, benefiting largely from US dollar weakness as it tumbled on record US trade deficit figures released overnight.

At 7am (AEDT), the local unit was trading at US75.60¢, slightly above Wednesday's close of US75.40¢.

Overnight, it hit a high of US75.36¢ and a low of US75.80¢.

Deutsche Bank foreign exchange strategist John Horner said the local currency benefiting from the US dollar tumble overnight.

Syndicate content