Trade deficit falls by a billion dollars
Media release
4 March 2010
Australia recorded a trade deficit of $1.2 billion in January 2010 down from a trade deficit of $2.2 billion last December, according to figures released today by the Australian Bureau of Statistics.
The monthly trade deficit has fallen by $1 billion or 46 per cent from December 2009.
“A billion dollar fall in the trade deficit is another positive sign for the Australian economy after the worst global recession in 75 years,” said Trade Minister Simon Crean.
“Exports are still below pre-crisis levels, but for first time since the onset of the global financial crisis we have seen exports increase in two consecutive months.”
“The last time Australia had two months of consecutive export growth was in September and October 2008.”
“This is also the smallest trade deficit since June 2009, although it is still the ninth consecutive monthly trade deficit.”
The lower monthly trade deficit reflected a 1 per cent ($278 million) increase in exports and a 3 per cent ($719 million) fall in the value of imports.
Resource exports rose by 1.3 per cent to $8.0 billion with a strong contribution from metal ores and minerals which were up 7 per cent ($329 million) which was partially offset by a 3 per cent ($94 million) fall in coal exports.
The increase in resource exports came despite a 21 per cent fall in exports to China which is Australia’s largest goods export market.
This demonstrates the diversity of our trade relationship with exports to India up 7 per cent, to Thailand up 22 per cent, to Malaysia up 31 per cent and to the UK 17 per cent.
The fall in imports of 3 per cent reflected a 25 per cent fall in the value of imported fuel and lubricants after a large increase in the previous month.
Media inquiries
- Trade Minister's Office: (02) 6277 7420
- Departmental Media Liaison: (02) 6261 1555