Australian Bureau of Statistics trade figures revealed the seasonally adjusted deficit had increased 97% in May from $282 million in April.
A major chunk of the deficit came from the coal industry, with revenue from coal, coke and briquette exports falling 15% to $540 million in May.
While lower coal prices for this year are a factor, ABS is yet to fully take them into account.
“On a recorded trade basis, the May 2009 prices for metallurgical coal fell 27 per cent compared to April 2009 and 40 per cent compared to March 2009,” the bureau said.
“Similarly, May 2009 prices for non-metallurgical coal (bituminous coal) fell 9 per cent compared to April 2009 and 25 per cent when compared to March 2009.
“Because of these falls in price, and historical patterns showing that adjustments to coal prices occur progressively, no adjustments have been made to the balance of payments series. This will be reviewed as future data are observed.”
Last month Queensland Treasurer Andrew Fraser said $1 billion had been wiped off forecasted state royalties for this financial year because of lower coal prices.
Well down on last year’s benchmark of $US300 a tonne, BHP Billiton Mitsubishi Alliance set this year’s benchmark with Nippon Steel at $129/t for premium coking coal.
Macquarie analysts have forecast the commodity to hit $140/t in annual contracts next year.
