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
Australia's Exports to US Surge, Reversing Trade Deficit
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. American buyers are snapping up physical gold to avoid potential tariffs. Coupled with the adjustment of positions in the futures market, the export of non - monetary gold has soared.
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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.
