COMMENTARY
IMPORT PRICE INDEX
The Import Price Index fell 0.3% in the December quarter 2015. The fall in the Import Price Index is driven by falls in the prices paid for petroleum, petroleum products and related materials (-10.6%) and organic chemicals (-10.4%). Partially offsetting these falls are rises in the prices paid for manufactures of metals, n.e.s. (+3.5%); office machines and automatic data-processing machines (+2.6%); articles of apparel and clothing accessories (+3.1%) and telecommunications and sound-recording equipment and reproducing apparatus and equipment (+1.9%).
Through the year to the December quarter 2015, the Import Price Index rose 2.4%. The rise is driven by rises in the prices paid for office machines and automatic data-processing machines (+19.6%); telecommunications and sound recording equipment and reproducing apparatus and equipment (+6.4%); road vehicles (including air-cushion vehicles) (+5.7%); general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+10.4%); electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof (including non-electrical counterparts, n.e.s., of electrical household-type equipment) (+5.8%); manufactures of metals, n.e.s. (+11.8%) and articles of apparel and clothing accessories (+16.7%). Partly offsetting these through the year rises are falls in the prices paid for petroleum, petroleum products and related materials (-30.2%) and medicinal and pharmaceutical products (-2.0%).
Major Import Products
Australia's major import products based on contribution are:
- Road vehicles (including air-cushion vehicles) (SITC 78) (+0.0%);
- Petroleum, petroleum products and related materials (SITC 33) (-10.6%);
- General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (SITC 74) (+0.6%);
- Telecommunications and sound recording equipment and reproducing apparatus and equipment (SITC 76) (+1.9%);
- 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) (-1.5%)
EXPORT PRICE INDEX
The Export Price Index fell 5.4% in the December quarter 2015. The fall in the Export Price Index is driven by falls in the prices received for metalliferous ores and metal scrap (-8.8%); coal, coke and briquettes (-6.3%); petroleum, petroleum products and related materials (-15.8%); non-ferrous metals (-9.6%); cereals and cereal preparations (-9.1%); meat and meat preparations (-4.9%); and gas, natural and manufactured (-4.2%). Partly offsetting these falls are rises in the prices received for crude fertilisers, other than those of Division 56, and crude minerals (excluding coal, petroleum and precious stones) (+8.7%).
Through the year to the December quarter 2015, the Export Price Index fell 10.3%. The fall is driven by falls in the prices received for metalliferous ores and metal scrap (-19.6%); gas, natural and manufactured (-28.0%); petroleum, petroleum products and related materials (-38.3%); non-ferrous metals (-19.3%); and coal, coke and briquettes (-6.4%). Partly offsetting these through the year falls are rises in the prices received for textile fibres (other than wool tops and other combed wool) and their wastes (not manufactured into yarn or fabric) (+15.8%); power generating, general industrial and other specialised machinery and equipment (+11.1%); vegetables and fruit (+21.4%); telecommunications and sound recording equipment and recording apparatus and equipment (+14.8%); and professional, scientific and controlling instruments and apparatus, n.e.s. (+14.0%).
Major Export Products
Australia's major export products based on contribution are:
- Metalliferous ores and metal scrap (SITC 28) (-8.8%);
- Coal, coke and briquettes (SITC 32) (-6.3%);
- Gas, natural and manufactured (SITC 34) (-4.2%);
- Gold, non-monetary (excluding gold ores and concentrates) (SITC 97) (-0.7%);
- Meat and meat preparations (SITC 01) (-4.9%)
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