SYDNEY, July 2 (Reuters) – Australia’s balance on goods trade in May unexpectedly swung to the largest deficit in over a decade, data showed on Thursday, as exports of gold and iron ore fell sharply.
The Australian Bureau of Statistics reported the balance on goods recorded a deficit of A$3.0 billion ($2.07 billion) in May, compared to a surplus of A$1.4 billion in April. That was far under forecasts of an A$2.2 billion surplus and the biggest shortfall since late 2015.
Exports dived 6.9%, after a big jump in April, as non-monetary gold slid 35% and iron ore dropped 9%. Imports climbed 2.6%, led by cars, aircraft and telecoms.
($1 = 1.4510 Australian dollars)
(Reporting by Wayne Cole; Editing by Muralikumar Anantharaman)
