Australian Goods and Services Deficit Widens to $2,723,000 in January

Shamia N Irving, Friday March 7, 2008, 12:36pm

The Australian Bureau of Statistics (ABS) announced the Australian balance of goods and services in seasonally adjusted terms showed a deficit of $2,723.000 in January of this year. This is a dramatic increase from $786 or 41% on the revised deficit in December of last year. The ABS states that the increase in the deficit was due to a ris ein goods and services debit within the intermediate and other goods sector. This outweighed the rise of goods and services credits, mainly within non-rural and other goods. Goods and services credits rose $322 million to $19,020 million. Non-rural and other goods rose $296 million with rural goods rising $25 million. Service credits alone only rose $1 million. The rise in non-rural and other goods, according to the ABS, is because of the increase in non-monetarty gold rising $316 million and metal ores and minerals rising $312 million. Goods and services debits, intermediate and other goods, Consuption goods are all rising while capital goods are falling. The rise in initermediate and other goods was also driven by non-monetary gold. Fuel and lubricants also rose $372 million. During the seven months ending in January of this year, a $1,232,000 worth of goods and services were imported from Canada while $983 million worth were exported. Australia continues to import most goods and services from APEC nations continuing the current trend. This is also true for Australian exports.
This was just a statistic article. It didn't really touch on how it was affecting the economy or anything of that nature.