Trade deficit biggest since GFC

Australia's trade deficit has widened by eight per cent to $2.6 billion in November last year, the largest recorded since the Global Financial Crisis, according to new data from the Australian Bureau of Statistics. ABS data indicates this is a jump from the $2.4 billion deficit in October 2012 and represents the 11th consecutive month of deficit.

While exports rose only one per cent to reach $24.7 billion - driven largely by exports of goods such as wool, minerals and machinery - imports increased by two per cent to reach $27.3 billion.

This figure was primarily influenced by the importation of merchandise good such as fuels, chemicals and industrial supplies, as well as importation of consumption goods such as cars. In particular, consumption imports rose from $5.7 billion in October to $5.8 billion in November.

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