Financial Times FT.com

Australian trade balance returns to red

By John Aglionby in Jakarta and Peter Smith in Sydney

Published: September 4 2008 05:23 | Last updated: September 4 2008 17:23

Australia’s trade account unexpectedly swung into deficit in July as exports of commodities dropped and higher oil prices led to a surge in the value of fuel imports, the Australian Bureau of Statistics announced on Thursday.

Data from much of east Asia suggest that the re­gion’s trade accounts are on a downward trend as commodity prices weaken and domestic demand for im­ports remains robust in spite of the stronger US dollar.

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