AUSTRALIA’S monthly balance of trade improved sharply in January recording a deficit of $1.36 billion in the month after the record $2.99 billion deficit recorded in December.
It was driven by a 6 per cent fall in imports. ANZ economist David Colosimo said he expected the dismal trade situation to drag on the Australian economy, regularly delivering monthly deficits of over $1 billion before improving towards the end of the year as a rebound in agricultural production and improving global growth fuel Australian export growth once again.
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