Trade deficit explodes all records

By Leith van Onselen

The March quarter surge in export volumes is already yesterday’s news, with the Australian Bureau of Statistics (ABS) today releasing trade data for the month of April, with Australia recording a massive blow-out in its trade deficit to a seasonally-adjusted $3,888 million. The result badly missed analyst’s expectations, who had expected a trade deficit of only $2.1 billion.

It was the 13th monthly trade deficit in a row and followed the $1,231 million deficit recorded in March (revised down from $1,322 million) and the $1,591 million deficit recorded in February (revised down from $1,609 million).