Australia’s trade deficit shows slight decline
The Australian Bureau of Statistics (ABS) disclosed that the country's trade deficit fell A$90 million to A$2.2 billion in February.
Rural exports rose 7% or A$141 million, but exports of non-rural and other good slipped 1% or A$59 million in February.
Despite the improvement on the export side, imports also increased A$59 million to A$15.9 billion.
Australia's Trade Minister Mark Vaile indicates that the modest decline in trade deficit was good news for the economy after 39 consecutive months of deficits.
Meanwhile, the trade between
Australia and
China showed an upward trend. Two-way trade between
Australia and
China amounted to A$19.7 billion in the first eight months of the financial year, just behind the A$20 billion between
Australia and the US.