Australian trade deficit widens

Australian trade deficit widens Sydney: Australia's trade deficit widened to 1.06 billion AU dollars ($1.09 billion) in January as exports fell and imports rose, official figures released Thursday showed.

The Australian Bureau of Statistics (ABS) said the balance on goods and services was a deficit of 1,057 million AU dollars, a rise of 369 million AU dollars from December 2012, reported Xinhua.

Exports of goods and services fell 1.0 percent while imports of goods and services rose 1.0 percent.

ANZ Bank's head of Australian economics Justin Fabo said the results were worse than expected.

"It looks like the coal exports numbers and a couple of other things on the non-rural side have come in weaker than expected," he told the Australian Associated Press (AAP).

He said a lift in coal prices should help the trade balance in the coming months.


IANS