Aussie Woes as China Slows Seen in Record Trade Deficit: Chart
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As China switches gears away from heavy investment and toward consumption, the reverberations are being felt Down Under. Prices for Australia’s biggest export, iron ore, have slumped and the country’s trade position has steadily deteriorated, culminating in a record A$32.7 billion ($22.9 billion) deficit in 2015, according to data dating back to 1971.