Money Australia just posted another huge trade deficit

14:46  06 february  2018
14:46  06 february  2018 Source:   businessinsider.com.au

Federal budget could be a 'poison pill', Deloitte Access Economics warns

  Federal budget could be a 'poison pill', Deloitte Access Economics warns A Turnbull government "battlers budget" risks undermining economic stability, a leading economic forecaster has warned, as the government lays the ground work for personal income tax cuts this year. "Here we go again, a government lagging in the polls looks set to leave behind a poison pill," said Deloitte Access Economics partner Chris Richardson."Labor did it with spending in 2013, the Coalition with tax cuts in 2007, and now 2018 looms as a 'battler's budget' of tax cuts.

Australia ’s December trade report has come in well below market expectations, continuing the pattern seen in recent months. November’s trade deficit , initially reported at 8 million, was revised to show a small surplus of million, partially offsetting the ugly December result.

Australia has just posted another massive trade deficit in October, the Bureau of Statistics said this morning. The ABS said the goods and services deficit ballooned by 2 million (38%) to .305 billion in October (in seasonally adjusted terms).

Australia's December trade report has come in well below market expectations, continuing the pattern seen in recent months.

According to the Australian Bureau of Statistics (ABS), a deficit of $1.358 billion was recorded in seasonally adjusted terms, far below the $200 million surplus that had been expected by economists.

November's trade deficit, initially reported at $628 million, was revised to show a small surplus of $36 million, partially offsetting the ugly December result.

Exports rose by 1.6% to $32.465 billion over the month, outpaced my a mammoth 6% increase in imports which rose to $33.823 billion in seasonally adjusted terms.

Are Matty Johnson and Laura Byrne joining I'm A Celebrity?

  Are Matty Johnson and Laura Byrne joining I'm A Celebrity? Matty J’s Instagram story certainly got people guessing…"We're not going to replace him [Bernard] because you can't just replace like for like. We're not going to find another tennis player,' Channel Ten executive Stephen Tate explained.

But November was also the 20th month in row that Australia incurred a trade deficit . “Other” rural goods was a big part of the improvement in the deficit posting an incredible 36% increase in exports. A large part of this was a huge uptick in fruit and vegetable exports which increased 146% in raw terms.

Australia just printed another monster trade deficit of more than billion for the month of December, according to the latest data from the Australian Bureau of Statistics. Read more posts on Business Insider Australia ».

The import figure was the largest on record.

a map with text© Business Insider Australia

This table shows the breakdown of the December report after seasonal adjustments were applied, comparing movements to those seen in prior months.

a screenshot of a cell phone© Business Insider Australia

The [trade balance] deterioration had nothing to do with export values which rose by 1.6%. Instead, it was largely due to a 6.0% leap in import values," said Paul Dales, Chief Australia and New Zealand Economist at Capital Economics.

'We Like Naked Girls.' Bitcoin Conference Rents Strip Club for 'Networking'

  'We Like Naked Girls.' Bitcoin Conference Rents Strip Club for 'Networking' The North American Bitcoin Conference wrapped up 10 hours of speeches by inviting 5,000 attendees to what it called a networking party. “It’s been a long day,” read the description. “Join us at E11even for some networking and R&R. Or dancing.”The agenda didn’t mention that the networking event would be held in a 20,000-square-foot Miami strip club, praised on review sites for aerial acrobats and a relatively permissive attitude toward touching. During the mixer, waitresses in revealing tops and lingerie served drinks, and when the event technically ended at 11 p.m.

Australia just printed another monster trade deficit of more than billion for the month of December, according to the latest data from the Australian Bureau of Statistics.

Thursday, April 26, 2018. The Financial Post . Just another WordPress site. The numbers: The trade deficit in goods narrowed 10.3% to billion, according to the government’s advanced report released Thursday.

"Some of that was due to the rising cost of imported oil, but most of it was due to a continuation of the recent trends of strong imports of consumption goods and capital goods.

"That is obviously a sign of healthy domestic demand."

Across the board, import growth was strong, pointing to strengthening demand from Australia's household and business sectors.

Imports of intermediate and other merchandise goods rose $901 million, the fastest growth of any category in dollar terms. Imports of consumption and capital goods also increased by $422 million and $341 million respectively, while those for non-monetary gold rose by $204 million.

Services imports also increased by $36 million.

On the other side of the ledger, exports of non-rural goods jumped by $719 million, offsetting declines in all other categories.

It was Australia's major commodity exports that did all of the heavy lifting.

Exports of metal ores and minerals, largely iron ore, jumped by $336 million while those for coal, coke and briquettes and other mineral fuels (LNG) rose by $306 million and $245 million respectively.

Those gains helped to mask weakness in all other categories with exports of rural goods, non-monetary gold and services falling by $144 million, $9 million and $54 million respectively.

Despite revisions to prior data -- seeing deficits turn to surpluses -- Dales says the December deficit points to the likelihood that net exports will detract from Australian Q4 GDP when it is released early next month.

[It] suggests that net exports may have subtracted as much as 1.0 percentage points from GDP growth after having had a neutral influence in Q3," he says.

Iron ore prices are grinding higher .
Iron ore spot markets continue to grind higher, logging a third straight day of gains on Tuesday. According to Metal Bulletin, the price for benchmark 62% fines rose 0.3% to $75.92 a tonne, leaving it at a two-week high. © Business Insider AustraliaSmall gains were also seen across lower and higher grades.58% fines increased 0.5%, closing the session at $43.87 a tonne. Ore with 65% Fe content added a smaller 0.2%, settling at $91.90 a tonne.The modest gains mirrored similar price action in Dalian iron ore futures. require(["inlineoutstreamAd", "c.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!