Australia records $715m trade deficit in Jan

SYDNEY - Australia's trade balance recorded a deficit of 673 million AU dollars ($715 million) in January 2012, following a revised surplus of 1.33 billion AU dollars ($1.41 billion) in December 2011, the Australian Bureau of Statistics (ABS) reported on Friday.

Economists had forecast a surplus of 1.4 billion AU dollars ($1.49 billion) in January.

During January, exports of goods and services were down eight percent in adjusted terms, while imports of goods and services were down one percent, the ABS said.