The ABS released their International Trade in Goods and Services to October 2016. The gap was bigger than expected, as exports rose slower than imports, and the value of exports was lower than some anticipated, given recent commodity price movements.
This is the first increase in the deficit since June this year, and was higher than the $800 million expected by economists.
Within this, the value of exports rose by 1% to $27.6 billion and imports jumped by 2% to $29.2 billion.
In trend terms, the balance on goods and services was a deficit of $1,565m in October 2016, a decrease of $154m (9%) on the deficit in September 2016.
In seasonally adjusted terms, the balance on goods and services was a deficit of $1,541m in October 2016, an increase of $269m (21%) on the deficit in September 2016.
In seasonally adjusted terms, goods and services credits rose $389m (1%) to $27,631m. Non-rural goods rose $223m (1%) and non-monetary gold rose $198m (13%). Rural goods fell $150m (4%) and net exports of goods under merchanting fell $3m (6%). Services credits rose $121m (2%).
In seasonally adjusted terms, goods and services debits rose $658m (2%) to $29,172m. Capital goods rose $490m (10%), consumption goods rose $100m (1%) and intermediate and other merchandise goods rose $97m (1%). Non-monetary gold fell $162m (26%). Services debits rose $135m (2%).
