04.05.201522:25:00UTC+00Australia March Trade Deficit A$1.322 Billion

Australia posted a seasonally adjusted merchandise trade deficit of A$1.322 billion in March, the Australian Bureau of Statistics said on Tuesday - gaining 18 percent on month.

The headline figure missed forecasts for a shortfall of A$1.00 billion following the downwardly revised A$1.609 billion deficit in February (originally -A$1.256 billion).

Exports were down 2.0 percent on month or A$415 million to A$27.217 billion.

Non-rural goods fell A$393 million (2 percent) and rural goods fell A$81 million (2 percent). Non-monetary gold rose A$18 million (1 percent).

Net exports of goods under merchanting remained steady at A$34 million. Services credits rose A$42 million (1 percent).

Imports dipped 2.0 percent or A$702 million to A$28.539 billion.

Intermediate and other merchandise goods fell A$385 million (4 percent), while capital goods fell A$238 million (4 percent) and consumption goods fell A$208 million (3 percent).

Non-monetary gold rose A$14 million (4 percent), and services debits rose A$115 million (2 percent).

Also on Tuesday, the latest survey from the Australian Industry Group showed that the service sector in Australia swung to contraction in April, with a Performance of Service Index score of 49.7.

That's down from 50.2 in March, and it slips below the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components of the survey, new orders, services sales, supplier deliveries and services businesses all contracted in April, while services employment expanded.