Import Price Index (+0.9%)
Main contributors are:
- Petroleum, petroleum products and related materials (+6.1%), due to a decrease in global supply.
- Other transport equipment (+7.1%), reflecting increases in transport and supply costs.
These rises were partially offset by falls in:
- Telecommunications and sound-recording and reproducing apparatus and equipment (–1.4%), due to discounting on smart phones.
- Inorganic chemicals (–10.9%), driven by lower global demand for caustic soda.
Over the last twelve months, the Import Price Index rose 2.8%. The main contributor is:
- Manufactures of metals, n.e.s (+15.5%)
Major import products
Australia's major import products and their price movements this quarter are:
- Petroleum, petroleum products and related materials (+6.1%)
- Road vehicles (incl. air-cushion vehicles) (–0.2%)
- Telecommunications and sound-recording and reproducing apparatus and equipment (–1.4%)
- Electrical machinery, apparatus and appliances, n.e.s. (+0.4%)
- General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+1.0%)
Export Price Index (+3.8%)
Main contributors are:
- Metalliferous ores and metal scrap (+21.4%), reflecting local and global supply disruptions for iron ore and sustained demand from China.
- Petroleum, petroleum products and related materials (+8.9%), due to a decrease in global supply.
- Meat and meat preparations (+4.6%), due to increased global demand for Australian beef.
- Gold, non-monetary (excluding gold ores and concentrates) (+2.0%), amid concerns over global economic growth and increasing investor demand.
These rises were partially offset by falls in:
- Gas, natural and manufactured (–17.8%), due to falls in crude oil prices in late 2018 and early 2019 flowing through to liquefied natural gas (LNG) contract prices and increased supply into the market. Export contract prices for LNG are influenced by the international crude oil price with a four to six month lag.
- Coal, coke and briquettes (–5.4%), due to reduced demand for thermal coal from the northern hemisphere.
- Cereals and cereal preparations (–4.9%), due to increased global supply.
Over the last twelve months, the Export Price Index rose 17.4%. The main contributors are:
- Metalliferous ores and metal scrap (+54.9%) and
- Gold, non-monetary (+8.9%)
Major export products
Australia's major export products and their price movements this quarter are:
- Metalliferous ores and metal scrap (+21.4%)
- Coal, coke and briquettes (–5.4%)
- Gas, natural and manufactured (–17.8%)
- Gold, non–monetary (excluding gold ores and concentrates) (+2.0%)
- Meat and meat preparations (+4.6%).
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