Australian January trade deficit widens to A$2.7 billion
Australia's trade deficit unexpectedly widened to the second highest on record in January 2005 as imports of consumer goods rose while exports of minerals, meat and wool fell. The trade deficit rose from A$2.41 billion in December 2004 to A$2.72 billion (around $2.1 billion) in January 2005, the Australian Bureau of Statistics said. Exports in January declined 0.4% to A$13.02 billion. Exports of rural goods, such as meat, wheat and wool, dropped 5%. Exports of minerals and metal ores also declined 11% in January. Imports rose to A$15.74 billion last month, up 2%. Imports of consumer goods surged 10%. Imports of capital goods, which include business machinery, dropped 4%. Transportation and mining industry bottlenecks, which prevented some exports, also impacted economic growth last month.