Australia posted a merchandise trade deficit of A$3.305 billion in October, the Australian Bureau of Statistics said on Thursday – down 38 percent from the previous month.
The headline figure was shy of expectations for a shortfall of A$2.60 billion and down from the A$2.403 billion deficit in September.
Exports were down 3.0 percent on month to A$26.594 billion.
Goods and services credits fell A$829 million (3 percent) to A$26.594 billion, while non-rural goods fell A$544 million (3 percent) and rural goods lost A$161 million (4 percent).
Non-monetary gold fell A$115 million (8 percent) and net exports of goods under merchanting dropped A$16 million (43 percent). Services credits rose A$8 million.
Imports were roughly flat at A$29.900 billion.
Goods and services debits climbed A$74 million to A$29.900 billion, while intermediate and other merchandise goods rose A$268 million (3 percent) and capital goods rose A$243 million (4 percent).
Consumption goods shed A$349 million (4 percent) and non-monetary gold lost A$69 million (14 percent), while services debits fell A$20 million.
Also on Thursday, the latest survey from Australian Industry Group said that the service sector in Australia continued to contract in November, and at a faster pace with a PMI score of 48.2.
That’s down from 48.9 in October, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, all were in contraction – including deliveries, stocks, employment, new orders and sales.
The material has been provided by InstaForex Company – www.instaforex.com