Xinhua, Sydney :
The trade balance for Australia has fallen for the month of January, with figures released Thursday showing the trade surplus is down to 1.3 billion Australian dollars (995.8 million U.S. dollars) for the month.
The December total was 3.3 billion Australian dollars, a record high, and many economists had predicted January would see a surplus of 3.8 billion Australian dollars, instead Australia experienced the second largest monthly fall in the trade balance ever recorded.
Paul Dales, chief economist at Capital Economics, said the results suggest that there will be “sizeable drag” on growth within Australia during the current quarter.
“While rising consumption goods imports suggest that the surge in commodity prices is boosting domestic demand, this won’t transform the outlook for the economy,” Dales said.
The trade balance for Australia has fallen for the month of January, with figures released Thursday showing the trade surplus is down to 1.3 billion Australian dollars (995.8 million U.S. dollars) for the month.
The December total was 3.3 billion Australian dollars, a record high, and many economists had predicted January would see a surplus of 3.8 billion Australian dollars, instead Australia experienced the second largest monthly fall in the trade balance ever recorded.
Paul Dales, chief economist at Capital Economics, said the results suggest that there will be “sizeable drag” on growth within Australia during the current quarter.
“While rising consumption goods imports suggest that the surge in commodity prices is boosting domestic demand, this won’t transform the outlook for the economy,” Dales said.
