AUSTRALIAN CURRENT ACCOUNT DEFICIT NARROWS IN FEB
Australia's current deficit narrowed
to 750 mln dlrs in February from 1.23 billion (revised from
1.29 billion) in January, the Statistics Bureau said.
    This compared with an 897 mln dlr shortfall a year earlier.
    February merchandise trade recorded a 42 mln dlr surplus
against a 246 mln shortfall (revised from 287 mln) in January
and a 162 mln deficit in February 1986.
    The current account deficit fell at the lower end of the
range of forecasts of 700 mln to one billion dlrs made by
market economists yesterday.
    February FOB exports rose to 2.82 billion dlrs from 2.74
billion (revised from 2.72 billion) in January and 2.54 billion
a year earlier while FOB imports fell to 2.77 billion from 2.99
billion (revised from 3.01 billion) against 2.70 billion a year
earlier, the Bureau said.
    It said a four pct decline in rural exports, despite an 11
pct rise in wheat exports, was more than offset by a seven pct
rise in non-rural exports, notably minerals and fuels.
    On the import side, the main decreases were falls of 17 pct
in machinery and transport equipment and 21 pct in fuels, the
Bureau said.
    The net services deficit narrowed to 146 mln dlrs from 253
mln (revised from 268 mln) in January and 192 mln a year
earlier, the Bureau said.
    This made a sharply lower deficit of 104 mln dlrs on the
balance of goods and services against deficits of 499 mln in
January and 354 mln a year earlier.
    Deficit on net income and unrequited transfers was 646 mln
dlrs against 736 mln in January and 543 mln a year earlier.
    Official capital transactions in February showed a surplus
of 786 mln dlrs against a 2.56 billion surplus in January and a
505 mln surplus a year earlier.
    Non-official capital and balancing item showed a 36 mln dlr
deficit against a 1.33 billion deficit in January and a 392 mln
surplus in February 1986, the Bureau said.
    The cumulative current account deficit for the first eight
months of fiscal 1986/87 ending June 30 widened to 9.37 billion
dlrs from 9.32 billion a year earlier.
    The cumulative trade deficit narrowed to 2.09 billion dlrs
from 2.21 billion and the services deficit to 2.25 billion from
2.75 billion but the transfers deficit widened to 5.03 billion
from 4.36 billion. The cumulative official capital surplus
narrowed to 2.90 billion dlrs from 3.86 billion.
 REUTER
