COMMENTARY
IMPORT PRICE INDEX
The Import Price Index fell 2.4% in the September quarter 2012. This decrease was driven mainly by falls in the prices paid for petroleum, petroleum products and related materials (-10.0%), machinery specialised for particular industries (-4.0%) and medicinal and pharmaceutical products (-3.3%). The appreciation of the Australian dollar against all of our major trading currencies contributed to this decrease. These decreases were partly offset by rises in the prices paid for professional, scientific, and controlling instruments and apparatus, n.e.s. (+2.2%).
Through the year to the September quarter 2012, the Import Price Index rose 1.2%. This increase was driven mainly by rises in the prices paid for manufactures of metals, n.e.s. (+7.3%) and chemical materials and products, n.e.s. (+18.8%). Partly offsetting these through the year rises were falls in the prices paid for medicinal and pharmaceutical products (-6.5%), non-ferrous metals (-11.8%) and fertilisers (excluding crude) (-12.1%).
EXPORT PRICE INDEX
The Export Price Index fell 6.4% in the September quarter 2012. This decrease was driven mainly by falls in the prices received for metalliferous ores and metal scrap (-12.1%), coal, coke and briquettes (-6.1%), petroleum, petroleum products and related materials (-9.6%), and textile fibres and their wastes (-15.8%). These decreases were partly offset by rises in the prices received for inorganic chemicals (+18.1%).
Through the year to the September quarter 2012, the Export Price Index fell 13.4%. This decrease was driven mainly by falls in the prices received for metalliferous ores and metal scrap (-23.9%), coal, coke and briquettes (-18.6%), non-ferrous metals (-19.5%), textile fibres and their wastes (-25.7%), cereals and cereal preparations (-15.2%) and petroleum, petroleum products and related materials (-7.1%). Partly offsetting these through the year falls were rises in the prices received for gas, natural and manufactured (+7.8%), medicinal and pharmaceutical products (+7.0%), meat and meat preparations (+3.7%) and vegetables and fruit (+9.2%).