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The Australian foreign trade deficit showed an increase in late autumn, prompting experts to lower the degree of optimism in their economic forecasts about the country's prospects in the fourth quarter of last year.
According to recent data, the country's foreign trade deficit reached the value of 628 million Australian dollars, and this is a maximum more than a year. Experts expected to see a surplus of the foreign trade surplus in the range of 550 million. The sudden reduction of gold exports by 23% with the growth of the volumes of imported consumer goods and capital goods caused the deterioration of the state of the foreign trade balance.
For most of last year, the country demonstrated a foreign trade surplus thanks to the high cost of raw materials and the increase in its exports. Because suddenly arose deficit puzzled by experts. This situation is likely to be an incentive to revise downward the forecasts for economic growth in the fourth quarter of 2017. However, as long as the economy demonstrates sustainability, as the decline in gold exports is likely to be a short-term phenomenon, it is expected that natural gas exports should grow.