The main contributors to the rise were:
- Gold, non-monetary (+10.8%), reflecting ongoing demand for gold as a safe-haven asset due to geopolitical and economic uncertainty.
- Coal, coke and briquettes (+5.3%), driven by rising metallurgical coal prices, reflecting elevated supply side risks after Australian production was impacted by weather related disruptions.
- Crude fertilisers (+58.3%), reflecting strong global demand for lithium used in the battery and electric vehicle sectors as well as low levels of Chinese inventories.
The main offsetting contributors were:
- Metalliferous ores and metal scrap (-5.0%), driven by seasonally low Chinese demand for iron ore leading up to the Lunar New Year holiday and record high stockpiles of iron ore at Chinese ports.
- Gas, natural and manufactured (-8.2%), driven by falls in petroleum gases, as oil indexed contracts followed lower crude oil prices during the December quarter 2025. Additionally, a milder winter in China softened demand and spot LNG prices.
Through the year, the Export Price Index fell 1.9%. The main contributors were:
- Metalliferous ores and metal scrap (-11.7%), and
- Gas, natural and manufactured (-21.2%).
The main offsetting annual contributors were:
- Gold, non-monetary (+53.2%), and
- Crude fertilisers (60.4%).