Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
November 1990 balance of payments



Download PDFDownload PDF

y

iifeĀ» PRESS *SSS2%& NO. 3 TREASURER RELEASE EMBARGO

STATEMENT BY THE ACTING TREASURER, THE HON J S DAWKINS, MP

NOVEMBER 1990 BALANCE OF PAYMENTS

The November balance of payments figures released today show strong growth in exports as well as a rise in imports caused mainly by increased oil prices and imports of defence equipment.

The seasonally adjusted figure for November was well within market expectations and at $1371 million was around the average of the previous three months and 27 per cent lower than for the same month last year.

Taking a longer-term view, in the five months to November 1990 the seasonally adjusted current account deficit of $6395 million is $3229 million, or 34 per cent, lower than for the same period last year.

This was due mainly to the turnaround in the merchandise trade balance from a deficit of $2207 million to a surplus of $645 million.

Similarly, exports have risen 6.7 per cent to record levels in the five months to November 1990 while imports have fallen 6.8 per cent.

The export picture for November was particularly encouraging with growth recorded in most major categories of non-rural exports:

. gold exports increased by $27 million, largely due to increased volumes.

. machinery exports increased $27 million because of sales of power generating machinery.

other manufactures increased by $50 million, reflecting non-metallie mineral manufacturing.

non-metal manufactured exports rose 12.6 per cent, to remain at the high level of recent months.

2

Imports actually fell in original terms by 0.5 per cent, due mainly to a drop of $239 million in transport equipment.

Although in seasonally adjusted terms imports rose 6 per cent it is important to note that the largest rise was recorded in fuels, due to increased oil prices and possibly some precautionary purchasing resulting from the Middle East situation.

Another important factor was the increase in the value of defence equipment.

In summary, today's figures show that Australia is continuing to make progress in overcoming its current account deficit despite the pressures arising from a range of international

factors such as uncertainty over commodity prices and the obvious impact of the volatility in the Middle East.

CANBERRA/PERTH 9 January 1991