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AUSTRALIA POSTS 10TH MONTHLY TRADE DEFICIT OF $US513 MLN IN AUG.
CANBERRA, Oct 1 Asia Pulse - Australia's economy continues to grow faster than many others, despite yesterday's 10th monthly trade deficit in a row, Trade Minister Mark Vaile said today.
The August trade deficit jumped to $A948 million ($US513.06 million) from July's $A720 million ($US389.66 million), with imports growing by $A329 million ($US178.05 million), or two per cent, to $A13.66 billion ($US7.39 billion).
Exports climbed $A101 million ($US54.66 million), or one per cent, to $A12.72 billion ($US6.88 billion), largely due to a five per cent, or $A124 million ($US67.11 million), lift in rural exports.
Mr Vaile said a 19 per cent rise in imports of industrial equipment showed businesses were investing in income-generating capital.
"There's confidence in the economy, our economy continues to grow faster than most other developed economies in the world and we need to keep that in context," he told Radio National.
"So yes there's a deficit, but we're still opening up markets, we're still getting extra product, we grew by one per cent in the international marketplace where the global economy is still very uncertain and soft."
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Source: HighBeam Research, AUSTRALIA POSTS 10TH MONTHLY TRADE DEFICIT OF $US513 MLN IN AUG.