Australia’s Trade Deficit Widens Less Than Expected

“Australia’s trade deficit widened less than economists predicted in October as exports withstood a slower global economy and capital goods purchases increased.

Imports outpaced exports by A$2.09 billion ($2.2 billion), compared with a revised A$1.42 billion deficit in September, the Bureau of Statistics said in a report in Sydney today. The median estimate in a Bloomberg News survey of 24 economists was for a deficit of A$2.2 billion.

Central bank Governor Glenn Stevens has reduced interest rates four times this year to 3 percent as prices of the nation’s biggest commodity exports ease. Policy makers are trying to revive demand outside of a resource boom that may crest in the first half of next year at a lower level than previously expected.”

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