Interpac Business and Migration Solutions Melbourne Australia

(April 2,2010)

INTERNATIONAL trade and job vacancies data confirm the economy entered 2010 with increasing momentum.

Trade figures released today from the Australian Bureau of Statistics (ABS) showed the trade deficit jumped back to $1.92 billion in February after narrowing surprisingly to $1.12 billion in January, seasonally adjusted.

Export revenue contracted by $287 million (1.4 per cent) to $19.92 billion, but imports of goods and services expanded to $21.84 billion, an increase of $516 million (2.4 per cent). The bureau's trend estimates show imports rising by $169 million per month, compared with monthly export growth of $94 million.

This is despite a strong exchange rate, which typically masks growth in trade volumes by depressing prices. A widening trade deficit is typical of boom times in the economy, even if the economy is being driven along by strong markets for export commodities, as is the case at the moment.

Other data released today confirmed job vacancies are rising. The total number of job vacancies in Australia in February 2010 was 169,300, in seasonally adjusted terms, the ABS said. This was the first release of data from the vacancies survey since it was suspended due to budget pressures at the ABS after the May 2008 survey.

Surveying resumed in November 2009. The February estimate was an increase of 18,800 or 12.5 per cent from November, and only 15,100 or 8.2 per cent below the all-time high level recorded 21 months earlier prior to the break in the survey.

(Source from:news.com.au)