Today, the Australian Bureau of Statistics revealed Australia’s trade deficit leap for the month of September, which had reached the highest level in 18 months expanding from August's deficit of $1.65 billion to $1.8 billion.

The seasonally adjusted trade balance of export grew by 5% in September from August to increase of $882 million. Of this, export of non-monetary gold soared 64%, while export of coal rose by
9%.

At the same time, imports of goods and services also grew by 5% to $1.08 billion in September. Of this, imports of consumption goods and capital goods were both up 2%, while fuels rose 25 per cent.

Slaughtering the analysts’ prediction of deficit rise to $2.15 billion, the widening gap between exports and imports was not as large. Thus the country is clearly on a recovery path.

Australian government hiked its economic growth forecast Monday for the current fiscal year, even as it left its budget deficit projection almost intact.