Australia’s trade surplus dipped in March

Tuesday, 4 May 2021

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:

The fall in exports was driven by non-monetary gold:

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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.