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Australia's November trade deficit hits 5-year high  Join our daily free Newsletter

MENAFN - 08/01/2013

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(MENAFN) Official data showed that Australia's trade deficit in November reached a 5-year high, as imports were higher than exports, Reuters reported.

Trade deficit has widened to USD2.8 billion in November from USD2.52 billion in October, according to the Australian Bureau of Statistics.

On the other hand, Chinese demand for iron ore has driven prices up 77 percent for Australia's single biggest export earner from September lows.

Australia is in much need of Iron ore prices to recover to increase profits, investment and tax receipts. Iron ore exports bring more than USD62.9 billion a year to Australia.

The Reserve Bank of Australia (RBA) has cut interest rates in October and December to make up for the weaker trade last year.

 






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