Australia Has A$2.38 Billion Trade Deficit

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Australia posted a seasonally adjusted trade deficit of 2.38 billion Australian dollars in October, the Australian Bureau of Statistics said on Wednesday, missing the forecast for an A$ 1.805 billion shortfall for an increase of A$534 million on the revised deficit in September.

Exports were down a seasonally adjusted 3 percent on month or A$703 million to A$19.468 billion.

Non-rural goods fell 3 percent, with the coal, coke and briquettes component down 12 percent, the metal ores and minerals component down 7 percent and the other mineral fuels component up 18 percent. Rural goods fell 8 percent and non-monetary gold fell 17 percent. Services credits rose 1 percent.

Imports eased a seasonally adjusted 1 percent on month or A$170 million to A$21.847 billion.

Intermediate and other merchandise goods fell 3 percent with the fuels and lubricants component down 10 percent. Non-monetary gold fell 9 percent, while consumption goods fell 1 percent and capital goods rose 1 percent. Services debits rose 2 percent.

Also on Wednesday, the total number of home loans in Australia was down 1.4 percent in October compared to the previous month, coming in at 63,865.

That was slightly better than forecasts for a 2.0 percent monthly decline following the revised 3.3 percent increase in September.

The value of loans was down 1.7 percent on month to A$17.176 billion. That follows a 6.0 percent gain in the previous month. Investment lending eased 0.6 percent to A$6.135 billion.

Finally, an index measuring consumer confidence in Australia was down 3.8 percent on month in December, the Westpac-Melbourne Institute consumer sentiment index revealed, posting a score of 113.8.

That's down from 118.3 in November, when the index had eased 2.5 percent on month.

(Market News Provided by RTTNews)