The Australian Bureau of Statistics (ABS) has released international trade data for March, which revealed that Australia’s trade surplus retraced by $2.0 billion to $5.6 billion amid falling exports (-$681 million) and rising imports (+$1,340 million):
Nevertheless, Australia’s trade balance has been stuck firmly in surplus since 2019:
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The fall in exports was driven by non-monetary gold:
Whereas iron ore exports continued to boom:
Finally, the rise in imports was fairly broad-based:
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