Australia's seasonally adjusted trade deficit on goods improved by $932 million to $5.48 billion between the March and June quarters, driven by a strong recovery in export credits. In June 2003 the goods deficit stood at $6.36 billion.
However, the total current account deficit improved by just $122 million to -$11.97 billion between the March and June quarters, as the improved merchandise trade balance was partly offset by deterioration in net services and net income.
For the whole 2003-04 financial year the current account deficit reached $47.4 billion, a record in dollar terms. More recent, monthly, data show the trade deficit deteriorating sharply for the month of July, to $2,748 million – its second-highest level on record.
ABS Cat. 5368.0, 5302.0