COMMENTARY
IMPORT PRICE INDEX
The Import Price Index fell 1.0% in the June quarter 2016. The fall in the Import Price Index is driven by falls in the prices paid for general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (-4.0%); office machines and automatic data-processing machines (-3.7%); articles of apparel and clothing accessories (-4.0%); telecommunications and sound recording equipment and reproducing apparatus and equipment (-2.6%) and electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof (including non-electrical counterparts, n.e.s., of electrical household-type equipment) (-2.6%). Partially offsetting these falls are rises in the prices paid for petroleum, petroleum products and related materials (+17.6%).
Through the year to the June quarter 2016, the Import Price Index fell 2.8%. The fall is driven mainly by the prices paid for petroleum, petroleum products and related materials (-28.1%); iron and steel (-10.9%); electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof (including non-electrical counterparts, n.e.s., of electrical household-type equipment) (-3.5%); organic chemicals (-13.1%); non-ferrous metals (-9.4%); medicinal and pharmaceutical products (-3.0%) and chemical materials and products, n.e.s. (-8.0%). Partly offsetting these falls were rises in the prices paid for road vehicles (including air-cushion vehicles) (+3.6%); machinery specialised for particular industries (+5.6%); office machines and automatic data-processing machines (+3.4%); gold, non-monetary (excluding gold ores and concentrates) (+10.2%); articles of apparel and clothing accessories (+4.1%); general industrial machinery and equipment, n.e.s., and machine parts, n.e.s (+2.0%) and miscellaneous manufactured articles, n.e.s (+2.6%).
MAJOR IMPORT PRODUCTS
Australia's major import products based on contribution are:
- Road vehicles (including air-cushion vehicles) (SITC 78) (-0.1%);
- Petroleum, petroleum products and related materials (SITC 33) (+17.6%);
- General industrial machinery and equipment, n.e.s., and machine parts, n.e.s (SITC 74) (-4.0%);
- Telecommunications and sound recording equipment and reproducing apparatus and equipment (SITC 76) (-2.6%);
- 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) (-2.6%);
EXPORT PRICE INDEX
The Export Price Index rose 1.4% in the June quarter 2016. This rise is driven by rises in the prices received for metalliferous ores and metal scrap (+9.1%); petroleum, petroleum products and related materials (+22.1%); gold, non-monetary (excluding gold ores and concentrates) (+3.3%) and textile fibres (other than wool tops and other combed wool) and their wastes (not manufactured into yarn or fabric) (+5.6%). Partly offsetting these rises are falls in the prices received for gas, natural and manufactured (-18.9%); cereals and cereal preparations (-6.6%) and coal, coke and briquettes (-1.3%).
Through the year to the June quarter 2016, the Export Price Index fell 8.7%. This fall is driven by falls in the prices received for coal, coke and briquettes (-15.8%); metalliferous ores and metal scrap (-7.4%); gas, natural and manufactured (-26.6%); non-ferrous metals (-20.1%) and petroleum, petroleum products and related materials (-23.6%). Partly offsetting these through the year falls are rises in the prices received for gold, non-monetary (excluding gold ores and concentrates) (+7.6%); vegetables and fruit (+23.8%); textile fibres (other than wool tops and other combed wool) and their wastes (not manufactured into yarn or fabric) (+6.1%); hides, skins and furskins, raw (+26.3%) and professional, scientific and controlling instruments and apparatus, n.e.s. (+4.5%).
MAJOR EXPORT PRODUCTS
Australia's major export products based on contribution are:
- Metalliferous ores and metal scrap (SITC 28) (+9.1%);
- Coal, coke and briquettes (SITC 32) (-1.3%);
- Gas, natural and manufactured (SITC 34) (-18.9%);
- Gold, non-monetary (excluding gold ores and concentrates) (SITC 97) (+3.3%);
- Meat and meat preparations (SITC 01) (-1.9%)
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