AUD updates

Australia`s Feb Trade Deficit A Record A$3.29 Billion
Sunday, April 06, 2008 11:06:56 PM - Australia`s seasonally adjusted trade balance widened to a record A$3.29 billion in February, the Australian Bureau of Statistics said on Monday, up from a revised deficit of A$2.53 billion in January.

The February deficit is a record, and it far exceeds analyst expectations that had predicted a deficit of A$2.5 billion. The biggest cause for the ballooning deficit is a sharp drop in exports caused by severe weather conditions at resource ports. Exports eased by 4 percent, due in large part to an 18 percent drop in metal and mineral exports and a 16 percent decline in coal exports compared to a month earlier.

On an annual basis, Australia posted a deficit of A$984 million.

Imports for February were A$21.55 billion, down slightly from A$21.59 billion in January but up from the A$19.33 billion a year earlier. Consumption goods imported were worth A$5.08 billion, down from A$5.18 billion in January but up from A$4.82 billion a year earlier. Capital goods were at A$4 billion in February, up from A$3.73 billion a month earlier and A$3.54 billion in 2007. Imported intermediate goods were worth A$8.55 billion, down from A$8.68 billion in January and A$7.21 billion a year earlier. Imported services stood at A$3.91 billion in February, down from A$4 billion in the previous month and up from A$3.75 billion in 2007.

Exports were A$18.26 billion, down from A$19.05 billion and from the A$18.35 billion in 2007. Exports among rural goods were worth A$2.16 billion in February, up from A$2.13 billion in the previous month and A$2.07 billion in 2007. Non-rural goods were worth A$12.07 in February, down from A$12.85 billion in January and A$12.37 billion a year earlier. Exported services stood at A$4.03 billion in February, less than the A$4.07 billion a month prior but more than the A$3 billion a year earlier.

Also on Monday, the number of houses and apartments in Australia approved for construction increased by a seasonally adjusted 0.1 percent on month in February, according to the Australian Bureau of Statistics, standing at 13,146 units. That was higher than analyst expectations that predicted a 0.3 percent decline.

Approvals for private sector houses increased by a seasonally adjusted 0.8 percent on month and also were up 8.7 percent on year. The value of total buildings approved in February eased by 14.4 percent to a seasonally adjusted A$6 billion from A$7 billion in January.

Finally, the total number of job postings in Australian newspapers and online decreased a seasonally adjusted 0.7 percent in March compared to the month before.

The Australia and New Zealand Banking Group reported Monday that weekly average job ads dropped to 267,041. Newspaper job postings declined 10.5 percent on month for March, leading to a seasonally adjusted 15.0 percent annual decline.

Internet job ads increased 0.1 percent on month, contributing to a seasonally adjusted 24.4 percent annual increase.

The ANZ report noted that total job ads have fallen for two straight months, in seasonally adjusted terms, indicating employers demand for new recruits is decreasing following an extended period of strong demand.