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Australian imports increase but oil demand waning | ||
[Q.]  Australian imports increase but oil demand waning | |
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Started By chinakid Time:2008-6-18 21:52:29 [Reads:21] Back |
Australian imports increase but oil demand waning Australian imports soared seven percent in May on a year-on-year basis, squashing hopes of an imminent return to monthly trade surpluses, according to a report released by the Australian Bureau of Statistics on Wednesday. The report also revealed that demand for oil is waning under pressure from record prices. Commonwealth Securities chief economist Craig James said while the higher cost of oil products lifted total imports to over 18 billion Australian dollars (16.9 billion U.S. dollars) in May from17.5 billion Australian dollars in April, the actual volume of oil imports fell at its fastest pace in four years. Oil product imports totaled 1.65 billion liters in May, a 28 percent drop on a year earlier. "Oil imports have been slowing for six months but the size of the May decline shows that Australians are dramatically changing their attitudes and behaviors," James said. The monthly trade position has been in deficit for six years, but data released earlier this month suggested this could by finally turned around in coming months, the report said. The monthly trade deficit for April dropped below the 1 billion dollars mark for the first time since February last year to 957 million dollars. This compared with 2.55 billion dollars in March and after a record 3.22 billion dollars in February. (1 Australian dollar equals to 0.942 U.S. dollars) Tag phrase:Australian imports Forums phrase:Australian imports |
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