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.
|Balance on goods||1,912|
|Balance on services||-515|
|Balance on income||-10,294|
|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|