Australia has notched up its 14th consecutive trade deficit under the Abbott Government, with the value of exports in May lagging behind the value of imports by $2.75 billion.
Data released today by the Australian Bureau of Statistics also revised up the trade deficit for April to $4.14 billion Australias biggest monthly trade deficit on record.
The ABS figures show that despite his open for business rhetoric, Trade and Investment Minister Andrew Robb has presided over declining exports and rising trade deficits.
Weak coal and iron ore prices are weighing on the export side of the trade ledger.
But the Abbott Governments economic policies are also hurting Australias trade performance as the economy makes the transition from the mining boom.
Over the last 12 months, the value of all Australian goods and services exports has fallen by 2.8 per cent while the value of all goods exports are down six per cent.
The latest monthly deficit would likely have been worse were it not for the fall in the Australian dollar during May.
This is further evidence of how the Abbott Governments policies are damaging Australias economy.
