Australia’s current account deficit in seasonally adjusted terms declined $1,368 million in the September quarter 2018 as a result of the increased goods and services exports.
The ABS figures report that the balance on goods and services surplus in the September quarter 2018 was $6,607 million, a rise of $2704 million. Exports of goods and serviced recorded a rise of $3390 million (3 per cent), which followed a continued increase in other mineral fuels which include natural gas, offset by rising imports of goods and services, up $668 million (1 per cent). The net primary income deficit widened by $1,162 million to $16,911 million in the September quarter of 2018.
In volume terms, the fall of imports and strong exports resulted in an expectation for international trade to contribute 0.4 percentage points to growth in the September 2018 Gross Domestic Product. In seasonally adjusted chain volume terms, the balance on goods and services surplus increased $1603 million, widening the surplus to $2853 million.
Australia’s net international investment position was a liability of $940.2 billion at 30 September 2018, a decrease of $17.3 billion on the revised 30 June 2018 position of $957.6 billion.
Australia’s net foreign equity asset position increased $29.9 billion to $103.9 billion at 30 September 2018. Australia’s net foreign debt liability recorded an increase of $12.6 billion to $1,044.0 billion.