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The RBA has released its commodity price index for April, which fell by 3.8% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – as well as3.0 by 3.0% in Australian dollar terms:
Preliminary estimates for April indicate that the index decreased by 3.8 per cent (on a monthly average basis) in SDR terms, after increasing by 0.4 per cent in March (revised). Iron ore and coking coal prices led the decrease. The rural subindex decreased in the month, while the base metals subindex increased. In Australian dollar terms, the index decreased by 3 per cent in April.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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