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1. Australia’s merchandise trade balance shifted into deficit in March (A$6.87b). This was the first deficit since December 2017.
Nominal exports fell 2.7% m/m and imports jumped a stonking +14.1% m/m. Sharply higher fuel, gold and capital imports related to data centre construction accounted for more than all of the rise in imports.
The A$ TWI appreciated +3.3% m/m in March.
2. Australia’s resources exports (ex gold) were little changed in March, remaining close to the lowest level since February 2021. Non-monetary gold exports fell 6.1% m/m after rising sharply in February.
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