According to trade data released by the Australian Bureau of Statistics earlier this month, Australia recorded a seasonally adjusted trade deficit of $556 million in May 2009.
This figure was a $274 million increase on initial projected deficits .
Senator Kim Carr, Acting Minister for Trade at the time acknowledged that “while it is disappointing to see the value of exports falling, it is an inevitable consequence of the rapid slowdown in the economies of our major trading partners and the large falls in commodity prices that have occurred.”
There were however signs of continued growth in the value of Australia’s services exports. In May 2009 services exports rose 1 % to $4.7 billion – a new high for the Services industry.
Australia Records Trade Deficit in May as Global Recession Hits Home
According to trade data released by the Australian Bureau of Statistics earlier this month, Australia recorded a seasonally adjusted trade deficit of $556 million in May 2009.
This figure was a $274 million increase on initial projected deficits .
Senator Kim Carr, Acting Minister for Trade at the time acknowledged that “while it is disappointing to see the value of exports falling, it is an inevitable consequence of the rapid slowdown in the economies of our major trading partners and the large falls in commodity prices that have occurred.”
There were however signs of continued growth in the value of Australia’s services exports. In May 2009 services exports rose 1 % to $4.7 billion – a new high for the Services industry.
For more information visit the Trade Minister’s Media Release website or the ABS International Trade in Goods and Services Data.