AUSTRALIA DATA
Source: MNI - Market News/ABS
- The goods & services surplus narrowed to $3.3bn from $6.5bn in Q2, while the merchandise surplus narrowed to $15.1bn from $15.5bn, the services deficit increased to $11.8bn from $9bn. Services exports fell 3% q/q, due to fewer overseas student arrivals, while imports rose 4.6%. Goods exports fell 2.3% q/q and imports 2.2%, due to lower fuel prices.
- Non-rural goods exports declined 2.8% q/q after -5.7% to be down 7.5% y/y, an improvement from Q2’s -8.5% y/y. Lower commodity prices have weighed on export values over much of 2023 and 2024. The merchandise terms of trade peaked in Q2 2022. This drove the lowest trade surplus in over six years.
- The Q3 terms of trade fell 2.5% q/q and 3.9% y/y, after -3.8% y/y in Q2.
Australia terms of trade
Source: MNI - Market News/ABS
- The primary income deficit narrowed to $17.3bn from $22.8bn, the best position for three years. The improvement was due to less Australian dividends paid out to overseas, according to the ABS.
- The net international investment liabilities rose $20.6bn “primarily due to Australia’s net foreign debt liabilities rising by $56.6 billion to $1.3 trillion, reflecting a growth in overseas investors acquisition of debt securities issued by Australian banks.”
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