Lower export commodity prices contributed to the widening of the current account deficit in the June quarter 2017, according to latest figures from the Australian Bureau of Statistics (ABS).
The seasonally adjusted current account deficit rose $4,808 million to $9,562 million in the June quarter 2017. In seasonally adjusted terms, the balance on goods and services surplus in the June quarter 2017 was $3,070 million. Exports of goods and services fell $2,693 million (3 per cent) and imports of goods and services rose $1,640 million (2 per cent). The primary income deficit widened $499 million.
In volume terms, exports grew faster than imports this quarter and as a result international trade is expected to contribute 0.3 percentage points to growth in the June quarter 2017 Gross Domestic Product. In seasonally adjusted chain volume terms, the balance on goods and services deficit decreased $1,363 million to a deficit of $196 million.
Australia’s net international investment position was a liability of $1,000.3b at 30 June 2017, a decrease of $24.4 billion (2 per cent) on the revised 31 March 2017 position of $1,024.6 billion.
Australia’s net foreign debt liability decreased $21.2 billion (2 per cent) to a net liability position of $990.6 billion. Australia’s net foreign equity liability decreased $3.2 billion (25 per cent) to a net liability position of $9.7 billion at 30 June 2017.
