More evidence Australian trade is not immune from the global downturn
Media release
7 January 2010
Today’s trade figures for November 2009 show the ongoing impact of the global financial crisis on the Australian economy, with a fall in both exports and imports.
Australia recorded a trade deficit of $1.7bn in November 2009 - a decrease of 18% on the revised deficit in October of $2.1bn.
Trade Minister Simon Crean said the monthly deficit, although an improvement on the October figure, was a sign of the ongoing fallout of the global downturn.
"This month’s trade deficit is further evidence that the Australian economy is not immune from the impact of the global financial crisis," Mr Crean said.
"It should be noted the November trade deficit came as the Australian dollar rose by 1 per cent for the month to average US92.02 cents in November."
"There was the encouraging sign of an 8 per cent rise in merchandise exports to the European Union."
The November deficit was lower than the October deficit and this was driven by a 3 per cent decrease in imports of goods and services ($670 million) outweighing a 2 per cent decrease in exports of goods and services ($291 million).
"The Australian Government remains focused on expanding its trade relationships as demonstrated by the ASEAN-Australia-New Zealand Free Trade Agreement which came into force on January 1. This is Australia’s largest ever FTA and strengthens our integration with Asia which is the fastest growing region in the world."
"But it is encouraging that growth with our traditional trading partners, such as the United Kingdom, continues to expand," Mr Crean said.
November figures show merchandise exports to the European Union grew by 8% to $1.3bn driven by a 36% increase in merchandise exports to the United Kingdom.
Media inquiries
- Mr Crean’s Office: (02) 6277 7420
- Departmental Media Liason: (02) 6261 1555