Core Viewpoint - Australia's merchandise trade surplus reached approximately AUD 6.9 billion (about RMB 32.16 billion) in March 2025, significantly exceeding market expectations of around AUD 3.13 billion, marking an increase of approximately AUD 4.05 billion from the adjusted surplus of AUD 2.85 billion in February [1] Group 1: Trade Surplus and Exports - The seasonally adjusted merchandise exports in March increased by approximately 7.6% month-on-month, reaching about AUD 45.35 billion [1] - The imports decreased by approximately 2.2% month-on-month, totaling about AUD 38.45 billion [1] - Rural goods exports fell by approximately 8.5% month-on-month to about AUD 6.22 billion, while non-rural goods exports rose by approximately 8.6% to about AUD 33.77 billion [1] Group 2: Export Price Index - In Q1 2025, the export price index for Australia rose by 2.1% month-on-month but fell by 4.7% year-on-year [2] - The increase in the export price index was primarily driven by rising iron ore prices due to the positive development of the Chinese economy, with metal ores and scrap metal export price indicators increasing by 5.4% in Q1 [2] - The demand for non-monetary gold as a safe-haven asset remained strong, leading to a 12.4% increase in its export price index during the same quarter [2] Group 3: Import Price Index - The import price index rose by 3.3% month-on-month and increased by 3.2% year-on-year in Q1 2025 [2] - Factors contributing to the rise in import prices included the depreciation of the Australian dollar and U.S. sanctions on oil from Russia and Iran, which led to an 8.2% increase in the price index for oil and related products [3] - The import price index for non-monetary gold also increased by 11.7%, contributing to the overall rise in Australia's import price index [3]