For the fourth consecutive time, Australia recorded current account surplus in the March quarter 2020 which stood at $8.4 billion for the quarter as coronavirus affected the international trade.
- Current account surplus was driven by trade surplus of $19.2 billion and a contraction of the net income deficit to $10.6 billion
- Import of goods reduced in March quarter across a range of consumption andintermediate goods due to supply chain disruption in China
- Exports of goods fell, driven by non-monetary gold and cyclone Damien disrupting iron ore exports
- COVID-19 effects pushed a rise in activity as investors sold off financial assets and wanted liquidity from financial intermediaries
The balance on goods and services surplus increased $2.3 billion in seasonally adjusted terms and Australia’s net IIP liability position was $808.1 billion at 31 March 2020.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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