Terms of trade boosted by commodity prices

The Australian Bureau of Statistics has released the official trade price indexes for the March quarter.

Australia's terms of trade surged another 8.2 per cent in the March quarter on the back of stronger commodity prices.

Export prices rose 9.4 per cent in the March quarter, driven by growth in crude materials and mineral fuels, while import prices rose 1.2 per cent, according to the Australian Bureau of Statistics trade price indexes.

In the year to March, export prices were up 29.1 per cent and import prices down 0.6 per cent.