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The seasonally adjusted current account deficit fell $539 million to $9,125 million in the September quarter 2017, according to figures released by the Australian Bureau of Statistics today.
Current account deficit decreases to $9.1 billion
In seasonally adjusted terms, the balance on goods and services surplus in the September quarter 2017 was $3,056 million. Exports of goods and services fell $154 million and imports of goods and services rose $222 million. The fall in the net primary income of $1,044 million to $11,968m was the main contributor to the narrowing of the current account deficit in the September quarter 2017.
In volume terms, exports and imports grew at the same pace this quarter, and as a result international trade is expected to make no contribution to growth in the September quarter 2017 Gross Domestic Product. In seasonally adjusted chain volume terms, the balance on goods and services deficit increased $145 million to a deficit of $9,737 million.
Australia's net international investment position was a liability of $958.8 billion at 30 September 2017, an increase of $13.2 billion (1 per cent) on the revised 30 June 2017 position of $945.7 billion.
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