Australia - Balance of payments



The US Central Intelligence Agency (CIA) reports that in 2002 the purchasing power parity of Australia's exports was $66.3 billion while imports totaled $68 billion resulting in a trade deficit of $1.7 billion. Australia's current account deficit reached a high of $20 billion in 1995; the figure was down to $18 billion in 1998, or 6% of GDP. Australia's exports in the early 2000s had reflected the increasingly value-added direction of Australian industry. From 1993 to 2000, manufactured exports grew at an average rate of around 8% per year. Primary products remain the dominant export sector in value terms, however. Exports of mineral and agricultural products accounted for 55% of total merchandise exports in 2000. Nearly half of services credits are accounted for by tourism, while services debits are dominated by transportation services and outbound tourism.

The International Monetary Fund (IMF) reports that in 2001 Australia had exports of goods totaling $63.7 billion and imports totaling $61.8 billion. The services credit totaled $16.2 billion and debit $16.8 billion. As of 2001, Australia's trade deficit was forecast to improve, with global commodities prices rising, a lower Australian dollar making exports more competitive, and a slowdown in economic growth lowering the demand for imports.

The following table summarizes Australia's balance of payments as reported by the IMF for 2001 in millions of US dollars.

Australia

Current Account -8,876
Balance on goods 1,912
Balance on services -515
Balance on income -10,294
Current transfers 21
Capital Account 591
Financial Account 8,003
Direct investment abroad -11,611
Direct investment in Australia 4,394
Portfolio investment assets -8,690
Portfolio investment liabilities 19,034
Other investment assets -144
Other investment liabilities 4,416
Net Errors and Omissions 1,378
Reserves and Related Items -1,096

User Contributions:

1
Report this comment as inappropriate
Jul 11, 2011 @ 4:16 pm
I understand the balance of payment has two parts (captal account and current account).
I need to know what Australia's overall balance of payment was for 2010.
I also need to know what the capital account amount was for 2010 and the current account for 2010.

Can you please help me. I've been desperately trying to find this information in laymen's terms for a whole week.

Can you please please help me?

Thank you so much!
Alma

Comment about this article, ask questions, or add new information about this topic:

CAPTCHA