According to the Australian Bureau of Statistics, Australia's current account surplus rose by AU$13.4 billion to AU$14.1 billion in the December quarter of 2022.
The current account balance for the third quarter of 2022 has been revised from a deficit of AU$2.3 billion to a surplus of AU$0.8 billion. This change was primarily driven by an increase in the trade surplus and a decrease in the deficit for net primary income. The trade surplus reached AU$40.9 billion, which is the second-highest on record. The net primary income deficit declined to AU$26.4 billion after the record high deficit of AU$30.4 billion in September quarter 2022.
The increase in exports of goods and services was 3.0%, driven by metal ores and minerals, and travel services due to the increase in international students and visitors.
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