The Australian Bureau of Statistics (ABS) reports a decrease in current account deficit during the second quarter of 2010.

The ABS recently released data shows a drop from $10,817 million to $5,640 million in the current account deficit in the June quarter. An increase of 21 percent or $12,747 million can be seen in the exports of goods and services. Imports of goods and services also made a slight increase of 5 percent or $3,041 million.

The report specified a drop from $9,463 million to $7,141 million in the trend current price terms of the current account deficit. Likewise, in seasonally adjusted chain volume terms, a $1,260 million or 16 percent decrease is evident in the deficit on goods and services. The deficit dropped from $7,694 million in the March quarter 2010 to $6,434 million in the June quarter.

The lower deficit is expected to spur a 0.4 percent growth in the Gross Domestic Product in the June quarter 2010. A rise can also be noted in Australia's net International Investment Position (IIP). From $4.2 billion, the net IPP went up to a net liability position of $763.5 billion in the June quarter 2010.

The report also shows a 2 percent or $14.1 billion increase in Australia's net foreign debt liability. Australia's net foreign equity liability was also noted to drop 10 percent or $10.0 billion.