COMMENTARY
IMPORT PRICE INDEX
The Import Price Index rose 1.4% in the September quarter 2015. Over the quarter, the depreciation in the value of the Australian dollar had an upward impact on the prices paid for all of Australia's major imported products. The rise in the Import Price Index is driven by rises in the prices paid for general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+4.8%); office machines and automatic data-processing machines (+5.7%); road vehicles (including air–cushion vehicles) (+1.9%); articles of apparel and clothing accessories (+5.1%); machinery specialised for particular industries (+4.3%) and medicinal and pharmaceutical products (+3.8%). Partially offsetting these rises are falls in the prices paid for petroleum, petroleum products and related materials (–11.8%).
Through the year to the September quarter 2015, the Import Price Index rose 3.5%. The rise is driven mainly by rises in the prices paid for office machines and automatic data-processing machines (+23.4%); road vehicles (including air–cushion vehicles) (+7.0%); general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+13.5%); miscellaneous manufactured articles, n.e.s. (+14.5%) and articles of apparel and clothing accessories (+19.0%). Partly offsetting these through the year rises are falls in the prices paid for petroleum, petroleum products and related materials (–31.6%).
Major Import Products
Australia's major import products based on contribution are:
- Road vehicles (including air–cushion vehicles) (SITC 78) (+1.9%);
- Petroleum, petroleum products and related materials (SITC 33) (–11.8%);
- General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (SITC 74) (+4.8%);
- Telecommunications and sound recording equipment and reproducing apparatus and equipment (SITC 76) (+1.3%);
- Electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof (including non–electrical counterparts, n.e.s., of electrical household-type equipment) (SITC 77) (+2.3%)
EXPORT PRICE INDEX
The Export Price Index was unchanged in the September quarter 2015. Over the quarter, the depreciation in the value of the Australian dollar had an upward impact on the prices received for all of Australia's major exported products. Commodities contributing significant price rises to the index this quarter are gas, natural and manufactured (+7.0%); meat and meat preparations (+7.5%); textile fibres (other than wool tops and other combined wool) and their wastes (not manufactured into yarn or fabric) (+11.2%); cereals and cereal preparations (+5.8%) and vegetables and fruit (+15.6%). The most significant price falls were reported for exports of non-ferrous metals (–10.7%); metalliferous ores and metal scrap (–1.6%); petroleum, petroleum products and related materials (–11.7%) and coal, coke and briquettes (–1.0%).
Through the year to the September quarter 2015, the Export Price Index fell 5.2%. The fall is driven mainly by falls in the prices received for metalliferous ores and metal scrap (-16.5%); petroleum, petroleum products and related materials (–38.1%); gas, natural and manufactured (–19.5%); non-ferrous metals (–8.1%) and dairy products and birds' eggs (–25.8%). Partly offsetting these through the year falls are rises in the prices received for meat and meat preparations (+19.2%); coal, coke and briquettes (+3.6%); textile fibres (other than wool tops and other combined wool) and their wastes (not manufactured into yarn or fabric) (+24.9%); cereals and cereal preparations (+11.7%) and power generating, general industrial and other specialised machinery and equipment (+13.9%).
Major Export Products
Australia's major export products based on contribution are:
- Metalliferous ores and metal scrap (SITC 28) (–1.6%);
- Coal, coke and briquettes (SITC 32) (–1.0%);
- Gas, natural and manufactured (SITC 34) (+7.0%);
- Gold, non-monetary (excluding gold ores and concentrates) (SITC 97) (–0.8%);
- Meat and meat preparations (SITC 01) (+7.5%)
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