In the three months to March 2025, Australia's merchandise exports to the US surged more than three - fold year - on - year to A $16.7 billion, creating a trade surplus of A $4.1 billion and reversing a deficit of A $6.2 billion in the same period last year. Driven by the hedging demand triggered by Trump's tariff policies, the export of gold has become a key driving force
Meanwhile, the recovery of iron ore shipments from bad weather has also contributed to the growth of Australia's exports. In March, the seasonally adjusted merchandise surplus expanded to A $6.9 billion, far exceeding the expected A $3.9 billion. Exports increased by 7.6% month - on - month, with iron ore rising by 12% and gold by 26%, while imports decreased by 2.2%. The price of gold in Australian dollars has risen 19% this year, significantly increasing the profits of mining enterprises.
This shift in the trade pattern highlights the market turmoil caused by tariff policies and the central role of gold as a safe - haven asset. It also changes the normal state of Australia being a traditional trade - deficit country with the US.
