Aust. BOP $1.78 deficit

Press, 26 October 1989, Page 27

Aust. BOP $1.78 deficit

NZPA-AAP Canberra Australia recorded a sAustl.776 billion (52.2918) unadjusted current account deficit in September compared with a $2.5128 deficit in August revised from 52.5808 the Statistics Bureau said. The September merchandise trade balance recorded a S4O6M deficit after a 51.2898 deficit the previous month, revised from $1.3268. Seasonally adjusted, Australia recorded a 52.028 current account deficit in September compared with a $2.198 shortfall in August, revised from $2.268, and a 51.058 deficit in September last year. The seasonally adjusted merchandise trade deficit was $634M in September compared with an SBS4M deficit in August, revised from SB94M, and a S6SM deficit in September last

year. FOB exports rose SI9M to $3.998 in September from 53.988 in August and compared with $3.428 in September a year earlier. FOB imports fell 16 per cent in September to $4.408 from $5.278 the previous month, and compared with 53.458 in September last year. Seasonally adjusted, exports rose 4 per cent or SI47M to 54.098, while imports fell 2 per cent or S73M to $4.738 during the month. Australian Treasurer, Mr Paul Keating, said the Australian September quarter balance of payments showed the budget forecast of a turnaround in the current account in early 1990 was on track. But monetary policy will remain tight. “It’s basically a good number," Mr Keating told a news conference.