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UPDATE 1-Australia trade deficit widens; iron ore to the rescue

(Adds analyst reaction, detail) * Trade deficit of A$2.64 bln, is largest since March 2008 * Pick-up in metal ore exports outweighed by imports of oil, cars * Steep recovery in iron ore prices bodes better for export earnings By Wayne Cole SYDNEY, Jan 8 (Reuters) - Australia's trade deficit in November widened to its largest since early 2008 as imports again outpaced exports, though a recent meteoric rise in the price of iron ore suggests the worst of the trade pain is over for the resource-rich nation. The deficit on goods and services grew to
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