The A$ continued to slide this week against most major international currencies, falling on Wednesday to its lowest level against the US$ in seven weeks, reaching US102.13c.

The A$ started August at US105c, reaching a high point of US105.72c on August 10, but has since dropped to around US102.81c today.

Some commentators predict the currency will trade below US parity in coming weeks.

The recent slide has come as welcome news to Australian exporters, especially given the continuation of tough trading conditions in many markets, Meat and Livestock Australia says in today’s weekly bulletin.

Underpinning the decline against the major currencies has been weaker than expected economic growth, easing global commodity prices and concerns about growth out of China and the global economy.

Australian economic growth slowed more than forecast in the second quarter of 2012, reinforced by less investment in the mining sector as a result of weak global commodity prices.

Nonetheless, Australian Bureau of Statistics figures showed an expansion of 0.6pc during the June quarter, and while slightly below some forecasts, economic growth in Australia still remains well above most other advanced economies.