Trade deficit explodes in Q4

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By Leith van Onselen

The Australian Bureau of Statistics (ABS) today released trade data for the month of December, with Australia’s trade deficit deteriorating to $3,535 million from $2,727 million in November (revised down from $2,906 million). The result badly missed analyst’s expectations of a narrowing in the trade deficit to $2.450 million.

Over the December quarter, the trade deficit deteriorated badly to $9,515 million, a $2,041 million downgrade from the September quarter, which represented the seventh consecutive quarterly deficit and one of the worst quarterly results on record:

ScreenHunter_11338 Feb. 03 12.05

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.