The Australian balance of trade has blown out above a $2 billion deficit, with the balance soaring 32 per cent in July.

 

According to data released by the Australian Bureau of Statistics (ABS), the country’s trade deficit hit $2.027 billion in August, rising $497 million from the previous month.

 

The ABS data shows that goods and services exports fell by $884 million, or three per cent, in August to $24.58 billion, posting the worst monthly result since March 2008.

 

The significant drop in the value of exports has been attributed to falling commodity prices, which fell an estimated 7 per cent.