AUSTRALIAN CURRENT ACCOUNT DEFICIT SEEN NARROWING

  Australia's current account deficit for
  February is expected to narrow to a range of between 700 mln
  and one billion dlrs, from the unrevised January level of 1.29
  billion, market economists polled by Reuters said.
      Statistics Bureau February figures are out tomorrow.
      The economists said a key element in the narrowing would be
  a reversal of the drop in exports which took place in January,
  after a sharp rise in December when the deficit was only 598
  mln dlrs.
      As an example they quoted wheat export volume, which rose
  about 30 pct in February after dropping as much in January.
      A lack of aircraft imports in February should also
  contribute on the trade account although it is still likely to
  remain in deficit, the economists said.
      Other positive influences on the current account balance
  should be a decline in the invisibles deficit following a
  seasonal fall in interest payments and the dropping out of
  certain official aid payments, they said.
      They said the Australian dollar, which last week touched an
  eight-month high of 0.6900 U.S. Dlrs but is now around the
  0.6800 level, should not react adversely to the figures unless
  the current account shortfall tops one billion dlrs.
  

