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ANZ analysts note that the Australia’s strong run of trade balance surpluses continued into March, with February being revised up to a further record high.

Key Quotes

“The monthly trade balance fell slightly to a surplus of AUD4,949m in March. Underlying this was 1.8% fall in exports, while imports were down relatively less for the month. Nevertheless, this was the second highest surplus on record after the revised February surplus.”

“Resource exports fell 4.3% in the month, driven by a 12.2% decline in metal ores and minerals and non-monetary gold (which fell 31.0%) which was offset largely by a 15.8% increase in coal, coke and briquettes.”

“Imports intermediate and other merchandise goods increased 1.9% m/m, largely due to a 11.7% increase in fuel imports. Much of this was likely due to higher prices.”