Narrowing Aussie trade deficit from surging mining exports confirm higher growth in Asia and larger stagflation in America
John Mendolsa
Jul. 4, 2007

The Australian exports surged unexpectedly, resulting in a narrowing of the trade deficits. Due to higher fuel costs consumer confidence is down. The imports were softer for the same reason. The exports, especially mining, were firm. Total exports climbed to an $18.73 billion in May. Farm exports, such as meat, sugar, wheat, and wool; rose 0.1 percent. Shipments of non-rural goods, which include minerals, increased 4 percent. Services exports rose 1 percent.

What does that translate for the rest of the world? The higher mining demand shows that China and rest of Asia continue to grow fast. The growths in China, India, and rest of Asia create the inflation for the rest of the world. The US economy is stagnating from the real estate bubble bursts and budget and trade deficit problems. At the same time, wage and commodity inflation from Asia creates the dreadful inflation while the economy stagnates.

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