The Australian Bureau of Statistics has just released the trade data for July which showed a deficit of $1.359 billion against market expectations of a $1.75 billion deficit. This data comes on top of last month’s $1.68 billion deficit.
Seasonally adjusted, July’s balance on goods and services fell $205 million or 13% compared to the deficit recorded in June 2014.
Increased exports narrowed the gap with imports for the month flat.
Month-on-month the biggest movers were recorded in commodity exports.
Iron ore lump exports increased $88 million or 7% in July with volumes up 11% in the face of a falling iron ore price which drove the value of the exports down. Iron ore fines rose $788 million or 20% in July with quantities and values both rising.