May deficit balloons as exports plunge $1bn

AUSTRALIA’S trade deficit in May more than doubled the April figure as the value of exported goods and services slumped more than $1bn. Exports of goods and services in May was a seasonally adjusted $20.4bn compared with $21.5bn in April due largely to a decline in non-rural goods, which dropped by $684m, the Australian Bureau of Statistics (ABS) said.

The category of other mineral fuels also dropped, down 7%, or $88m from April, while metal ores and minerals dipped by $78m, the ABS said.
Meanwhile, import values fell 4% from April to $20.9bn in May thanks to capital goods,...

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