The RBA has released its commodity price index for April, which registered a 3.5% decline in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 2.0% decline in Australian dollar terms:
Preliminary estimates for April indicate that the index decreased by 3.5 per cent (on a monthly average basis) in SDR terms, after decreasing by 1.7 per cent in March (revised). A decline in the iron ore price more than offset an increase in the coking coal price. Both the rural and base metals subindices decreased slightly in the month. In Australian dollar terms, the index decreased by 2.0 per cent in April.
