Headline : Australia trade balance slides to over 3-year low in March as imports jump

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Investing.com-- Australia’s trade balance shrank to an over three-year low in March, hit chiefly by a sharp increase in imports, while weakness in exports, particularly those of key commodities, remained in play. 

Trade balance shrank to a surplus of A$5.02 billion ($3.27 billion), data from the Australian Bureau of Statistics showed. The reading was much weaker than expectations of A$7.19 billion and contracted further from the A$6.59 billion surplus seen in the prior month, which was also revised lower. 

The reading showed Australia’s trade surplus at its weakest level since December 2020, when trade was still recovering from the aftermath of the first COVID-19 wave. 

Australian imports jumped 4.2% month-on-month in March, extending a 4.8% increase seen in April as local demand for consumption goods- mainly food and beverages- remained robust. 

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