IMPORT PRICE INDEX
The Import Price Index fell 0.1% in the June quarter 2017. This follows on from a rise in the March quarter 2017 of 1.2%.
The fall was driven by lower prices paid for Mineral fuels, lubricants, and related materials (-4.8%). This fall follows two quarters of rises in the import price index. The main contributor to this fall was Petroleum and related products (-4.6%) as extra supply entered the global market.
Offsetting the falls were rises in Manufactured goods classified chiefly by material (+1.9%), driven by Iron and steel (+7.8%).
Chemical and related products n.e.s. (+1.7%) also contributed to the offsetting rise, driven by Inorganic chemicals (+15.6%) due to restrictions in Chinese supply.
Through the year to the June quarter 2017, the Import Price Index rose 0.3%, driven by Petroleum, petroleum products and related materials (+13.9%)
MAJOR IMPORT PRODUCTS
The price movements of Australia's major import products are summarised below:
EXPORT PRICE INDEX
- Road vehicles (SITC 78) (+0.3%);
- Petroleum, petroleum products and related materials (SITC 33) (-4.6%);
- General industrial machinery and equipment, n.e.s. (SITC 74) (+0.4%);
- Telecommunications and sound recording equipment and reproducing apparatus and equipment (SITC 76) (-3.6%);
- Electrical machinery, apparatus and appliances, n.e.s. (SITC 77) (-1.9%)
The Export Price Index fell 5.7% in the June quarter 2017. This follows on from four quarters of rises, as prices weakened for some of Australia's major export mining products.
Crude materials, inedible, except fuels fell 13.1%, driven by Metalliferous ores and metal scrap (-14.6%). Prices received by exporters of iron ore fell this quarter due to weak demand.
Mineral fuels, lubricants, and related materials fell 4.8%. Prices for Coal, coke and briquettes (-7.7%) and Petroleum, petroleum products and related materials (-4.4%) drove the fall.
Offsetting these falls were rises in Food and live animals (+1.8%). Prices for Meat and meat preparations rose 7.2%, driven by strength in beef prices.
Commodities and transactions, n.e.s. (+3.1%) also contributed to the offsetting rise, driven by Gold, non-monetary (+4.2%).
Through the year to the June quarter 2017, the Export Price Index rose 22.5%, driven by Coal, coke and briquettes (+90.1%).
MAJOR EXPORT PRODUCTS
The price movements of Australia's major export products are summarised below:
- Metalliferous ores and metal scrap (SITC 28) (-14.6%);
- Coal, coke and briquettes (SITC 32) (-7.7%);
- Gold, non-monetary (SITC 97) (+4.2%);
- Meat and meat preparations (SITC 01) (+7.2%);
- Gas, natural and manufactured (SITC 34) (+7.8%)