Australia posts lower trade deficit

Australia posts lower trade deficit

Australian Bureau of Statistics disclosed that the country's trade deficit narrowed from A$2.64 a month ago to A$1.33 billion in April, the lowest since January 2003. Rising coal and iron ore prices help Australia's reducing trade deficit by half. Coal prices have surged to a record because of rising demand from steelmakers and power companies in China. Shipments from Australia, the world's largest exporter of coal, iron ore and alumina, rose 9.3% to A$14.6 billion in April. On the other hand, imports fell 0.4% to A$15.92 billion.