Australia’s trade surplus fell to its lowest level in more than six years, as the country’s current account balance registered a deficit of $14.1 billion in the September quarter.
The latest Australian Bureau of Statistics (ABS) data showed the surplus on trade in goods and services fell $3.3 billion to $3.3 billion.
ABS Head of International Statistics Tom Lay said the drop was offset by the net primary income deficit narrowing by $5.5 billion to $17.3 billion.
“The trade surplus fell to its lowest level since June 2018 reflecting continued falls in Australia’s terms of trade,” Mr Lay said.
“The net primary income deficit narrowed to its smallest level since September quarter 2021 due to a fall in dividends paid by Australian firms to overseas investors.”
He said Australia’s current account balance rose by $2.2 billion to a deficit of $14.1 billion, with exports of goods fallings 2.3 percent, led by Other mineral fuels and Metal ores and minerals.
“Production disruptions impacted LNG exports while Iron ore exports fell in line with global price falls.”
Mr Lay said exports of services also fell, down 3.0 percent, led by education-related Travel services.
“This was driven by a fall in the number of students arriving to start semester two. Other personal travel also contributed to the fall in travel services.”
He said Australia’s terms of trade fell 2.5 percent from June quarter and was 3.9 percent lower compared to September quarter 2023.
Access all the data: Balance of Payments and International Investment Position, Australia.
