Current Account Deficit Down 29% September Quarter 2016

Current Account Deficit Down 29% September Quarter 2016

Australian Bureau Of Statistics

Current Account Deficit Narrows To $11.4 Billion

Victor P Taffa

Higher export commodity prices contributed to an improvement in the current account deficit in the September quarter 2016, according to latest figures from the Australian Bureau of Statistics (ABS).

Seasonally adjusted current account deficit fell $4,585 Million (29 %) to $11,358 Million in the September quarter 2016.

  • Exports of goods and services rose $2,860 Million (4 %),
  • Imports of goods and services rose $162 Million,
  • Primary income deficit fell $1,946 Million (24 %).

In volume terms, however, imports grew faster than exports this quarter and so international trade is expected to detract 0.2 percentage points from growth in the September quarter 2016 Gross Domestic Product.

Seasonally adjusted chain volume terms, the net goods and services surplus declined by $871 Million (61 %) to $561 Million.

Australia’s net international investment position was a liability of $1,043.3 Billion at 30 September 2016, increasing 1 % on the revised 30 June 2016 position of $1,037.9 Billion.

Australia’s net foreign debt liabilities increased $0.8 Billion to a net liability position of $1,048.5 Billion.

Australia’s net foreign equity assets decreased $4.6 Billion (47 %) to a net asset position of $5.2 Billion.