International Trade Price Indexes, Australia

The main contributors to the fall were:

• Crude fertilisers and minerals (-58.1%), due to surplus supply in the lithium market pushing down prices as battery manufacturers drew down on current inventories,
• Metalliferous ores and metal scrap (-1.6%), as supplies of iron ore outpaced demand due to the weaker Chinese construction sector, further exacerbated by high inventory levels at Chinese ports,
• Gas, natural and manufactured (-1.0%), driven by oil price contracts picking up falls in oil prices in late 2023 and weaker global demand pushing down spot prices, and
• Coal, coke and briquettes (-0.8%), driven by falls in thermal coal as a warmer than expected northern hemisphere winter reduced restocking demand.

The main offsetting contributors were:

• Gold, non-monetary (+3.5%), driven by increased demand for gold as conflicts in the Middle East continue to cause economic uncertainty and central banks keep interest rates on hold, leading investors to flock to gold as a non-interest-bearing asset, and
• Meat and meat preparations (+1.8%), driven by increased demand for sheep meat from North America and drought in the United States causing beef supply shortages. 

Through the year, the Export Price Index fell 8.3%. The main contributors were:

• Coal, coke and briquettes (-22.3%), and
• Gas, natural and manufactured (-19.4%).

The main contributors to the fall were:

• Petroleum, petroleum products and related materials (-6.4%), driven by weak global demand offsetting supply pressures, as OPEC+ nations extend production cuts,
• Electrical machinery and apparatus (-4.9%), as falls in some raw material prices were compounded by the appreciating Australian dollar, and
• Medicinal and pharmaceutical products (-3.5%), driven by some reports of efficiency gains in manufacturing, alongside the appreciating Australian dollar.

The main offsetting contributors were:

• Telecommunications equipment (+1.8%) due to new model mobile phones being imported at significantly higher prices. The appreciation of the Australian dollar provided a small offset to the price rise, and
• Gold, non-monetary (+3.8%), driven by increased demand for gold as conflicts in the Middle East continue to cause economic uncertainty and central banks keep interest rates on hold, leading investors to flock to gold as a non-interest-bearing asset. 

Through the year, the Import Price Index fell 0.7%. 

The were no notable main contributors to the fall.

Import Price Index

Export Price Index

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Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).

Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.

This release previously used catalogue number 6457.0.