The Australian Bureau of Statistics released its trade data for Australia on Thursday. Australia's trade deficit widened to A$3.89 billion in April from A$1.23 billion in March, missing expectations for a rise to a deficit of A$2.3 billion. March's figure was revised up from a deficit of A$1.32 billion.

The increase in deficit was driven by lower export prices of key commodities such as iron ore and coal continued to weigh.

Exports plunged by 6% in April, while imports increased by 4%, driven by a 69% gain in the machinery and industrial equipment.