International Trade Price Indexes, Australia

The main contributors to the rise were:

• Metalliferous ores and metal scrap (+18.2%), driven by the demand for iron ore from China and constrained global supply.
• Gas, natural and manufactured (+20.2%), due to the oil-linked contracts capturing the recovery in oil prices from late 2020.
• Petroleum, petroleum products and related materials (+37.3%), driven by stronger oil demand and reduced global supply.
• Coal, coke and briquettes (+5.8%), reflecting the demand for thermal coal during the northern hemisphere winter.

The main offsetting contributors were:

• Gold, non-monetary (-9.7%), due to continued easing of global uncertainty.
• Fish, crustaceans, molluscs (-26.8%), driven from decreased demand for lobsters from China.
• Cereals and cereal preparations (-3.2%), driven from a record Australian harvest placing downward pressure on prices.

Through the year, the Export Price Index rose 8.6%. The main contributor was:

• Metalliferous ores and metal scrap (+48.8%).

The main contributors to the rise were:

• Petroleum, petroleum products and related materials (+26.3%), driven by stronger oil demand and reduced global supply.
• Road vehicles (+0.6%), driven by increased demand for new passenger vehicles.

The main offsetting contributors were:

• Telecommunications and sound recording equipment (-6.1%), due to the discounting of older model mobile phones.
• Gold, non-monetary (-9.6%), due to continued easing of global uncertainty.
• Office machines and ADP machines (-6.1%), due to the impact of exchange rates and the appreciating Australian dollar.

Through the year, the Import Price Index fell 6.2%. The main contributors were:

• Petroleum, petroleum products and related materials (-9.8%),
• Telecommunications and sound recording equipment (-9.7%), and

• Office machines and ADP machines (-12.3%).

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.