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Coal and iron ore drag us further into deficit

COAL and iron ore exports may be rising but weaker prices have undermined Australia's trade figur...

Kate Haycock
Coal and iron ore drag us further into deficit

Figures from the Australian Bureau of Statistics show the seasonally adjusted deficit on goods and services increased by $534 million from September.

While the deficit was expected to rise, the increase in the gap between the value of Australia’s exports and imports was a surprise.

The biggest falls were reported in the value of coal, coke and briquette exports, which dropped 12% or $344 million month-on-month.

Metallurgical high-rank coal export values fell $345 million (24%), with volumes down 12% and prices down 14%

Iron ore exports fell $193 million (8%), with volumes up 1% but prices down 9%.

Overall, metal ores and mineral exports (excluding coal) were down $267 million, a 7% fall, while the value of non-monetary gold exports fell by 17% or $235 million.

The latest ABS figures also showed that, in seasonally adjusted current price terms, the current account deficit rose $3.05 billion (23%) to $16.2 billion in the September quarter of 2009.

The value of Australia’s exports in that period decreased by $2.5 billion, while the value of imports increased by $1.8 billion.

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