The Australian Bureau of Statistics suggests that Australia's trade deficit narrowed to $7.4bn in Q3, a $3.5bn improvement on Q2, in a preliminary estimate before the balance of payments release.
Export earnings of Australia increased to 5.0% in Q3, as goods inched up 5.9% and services 1.3% higher. The export volumes are seemed to bounce back, with increased by 4.4%qtr, following a surprise fall of 3.3%qtr in Q2, estimates Westpac.
Annual export volume growth of the economy would be 6%yr and thereby Q3 net exports will increase to +1.3ppts from +1.0ppts, estimates Westpac. It added the Q3 GDP of the economy would post 0.9%quarterly and 2.3% annual growth.
