The RBA has released its commodity price index for April, which registered another 3.3% fall in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 3.6% fall in Australian dollar terms:
Preliminary estimates for April indicate that the index declined by 3.3 per cent (on a monthly average basis) in SDR terms, after declining by 2.6 per cent in March (revised). The largest contributor to the decline in April was the price of iron ore. The base metals and rural commodities subindices rose during the month. In Australian dollar terms, the index declined by 3.6 per cent in April.
