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Q1 Trade Prices Positive For Budget Position

AUSTRALIA DATA

Trade prices moved in opposite directions to expectations in Q1. Export prices rose 1.6% q/q compared to a forecast 2.6% fall to be up 6.9% yoy and import prices fell 4.2% q/q compared to a 0.3% expected rise to be 4.7% higher y/y. The directions were driven by commodity prices with metal ores, fertilisers & minerals and gold driving the increase in export prices, and petroleum, fertiliser and electrical machinery the drop in import prices. This is likely to add to the budget windfall from commodities.

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