Australia reports record current account surplus in Q3

Australian has reported another record current account surplus in the September quarter.

The surplus in seasonally adjusted terms increased $1 billion to a record $23.9 billion in the September quarter, according to the Australian Bureau of Statistics.

The current account surplus was driven by an $8.1 billion increase in the balance on goods and services surplus. Exports of goods and services rose $9.7 billion, while imports of goods and services rose $1.6 billion.

The net primary income deficit rose by $7.7 billion to $14.3 billion in the September quarter 2021.

“Australia’s September quarter record current account surplus was driven by strong prices for exports of coal and other mineral fuels as well as greater volumes of agricultural exports,” said ABS head of international statistics Andrew Tomadini.

“Import volumes fell this quarter as global supply chain pressures began to be felt in Australia. These falls were partially offset by rises in imports of processed industrial supplies n.e.s which saw large increases in imports of COVID-19 vaccines as the national roll-out gathered pace.”

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