Q2 GDP hopes hit as trade deficit soars

Wednesday 2 July 2014

The Australian Bureau of Statistics (ABS) has released trade data for the month of May, with Australia recording a seasonally-adjusted trade deficit of $1,911 million. The result badly missed analyst’s expectations, who had expected a trade deficit of only $200 million.

It was the second monthly trade deficit in a row and followed the $780 million deficit recorded in April (revised up from $122 million) and the $739 million surplus recorded in March (revised down from $902 million).

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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.