COMMENTARY
IMPORT PRICE INDEX
The Import Price Index fell 3.0% in the June quarter 2014. This decrease was driven primarily by the appreciation of the Australian dollar against the major trading currencies, as well as falls in the prices paid for petroleum, petroleum products and related materials (-4.5%), telecommunications and sound recording equipment and reproducing apparatus and equipment (-4.7%), general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (-3.4%), electrical machinery, etc. and parts thereof (-3.2%) and miscellaneous manufactured articles, n.e.s. (-3.3%).
Through the year to the June quarter 2014, the Import Price Index rose 5.7%. This increase was driven primarily by rises in the prices paid for petroleum, petroleum products and related materials (+11.0%), electrical machinery, etc. and parts thereof (+7.4%), general industrial and machinery and equipment, n.e.s., and machine parts, n.e.s. (+6.2%), miscellaneous manufactured articles, n.e.s. (+6.8%) and machinery specialised for particular industries (+6.3%). Partly offsetting these through the year rises were falls in the price paid for medicinal and pharmaceutical products (-3.9%).
Major Import Products
Australia's major import products based on contribution are;
- Petroleum, petroleum products and related materials (SITC 33) (-4.5%)
- Road vehicles (incl. air-cushion vehicles) (SITC 78) (-0.4%)
- General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (SITC 74) (-3.4%)
- Electrical machinery, etc. and parts thereof (SITC 77) (-3.2%)
- Telecommunications and sound recording equipment and reproducing apparatus and equipment (SITC 76) (-4.7%).
EXPORT PRICE INDEX
The Export Price Index fell 7.9% in the June quarter 2014. This decrease was driven mainly by falls in the prices received for metalliferous ores and metal scrap (-16.6%), coal, coke and briquettes (-12.5%), gold, non-monetary (excluding gold ores and concentrates) (-4.0%), and petroleum, petroleum products and related materials (-2.1%).
Through the year to the June quarter 2014, the Export Price Index fell 1.9%. This decrease was driven mainly by falls in the prices received for metalliferous ores and metal scrap (-10.5%), coal, coke and briquettes (-13.4%), and gold, non-monetary (excluding gold ores and concentrates) (-3.5%). Partly offsetting these through the year falls were rises in the prices received for gas, natural and manufactured (+21.1%), meat and meat preparations (+19.0%), petroleum, petroleum products and related materials (+14.5%), dairy products and birds' eggs (+35.4%), power generating, general industrial and other specialised machinery and equipment (+6.1%), non-ferrous metals (+7.9%) and professional, scientific and controlling instruments and apparatus, n.e.s. (+15.5%).
Major Export Products
Australia's major export products based on contribution are;
- Metalliferous ores and metal scrap (SITC 28) (-16.6%)
- Coal, coke and briquettes (SITC 32) (-12.5%)
- Gas, natural and manufactured (SITC 34) (-0.6%)
- Gold, non-monetary (excluding gold ores and concentrates) (SITC 97) (-4.0%)
- Petroleum, petroleum products and related materials (SITC 33) (-2.1%).
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