· The Czech Republic, Australia and Malaysia reported their March trade balances today.  The monthly data are shown in the first chart. Australia showed improvement as its deficit declined by A$536 million from February to A$2,544 million in March.  Exports of wheat, coal and iron ore were particularly strong.  

· Both Malaysia and the Czech Republic reported lower trade surpluses in March than in February due to a greater decline in exports than in imports.  For Malaysia, the March trade surplus was US$2,302 million compared with US$ 3,269 million in February.  For the Czech Republic, the March trade surplus was US$182 million, compared with US$505 million in February. Czech data on the composition and direction of exports and imports are not available.  Malaysian data on the composition of exports and imports are available but on a delayed schedule.  Some such data are available for February but most are only available for January or the 4th quarter of 2007.

· It is to be expected that the slowdown in the US economy and the appreciation of their currencies are affecting the trade balances of most countries. The appreciation in Australia's exchange rate is shown in the second chart and those of the Czech Republic and Malaysia in the third chart.