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EXPORT PRICE INDEX
The Export Price Index rose 1.9% in the June quarter 2018. This follows a rise in the March quarter 2018 of 4.9%.
Prices received for many of Australia's mineral fuel commodities rose in the June quarter 2018. Gas, natural and manufactured, rose 10.8%, in response to strong demand for LNG in northern Asia. Export contract prices for LNG are also influenced by the international crude oil price with a two to four month lag.
Petroleum, petroleum products and related materials rose 8.5%, reflecting tight worldwide supply due to global production restrictions and capacity constraints.
Cereals and cereal preparations rose 6.9%, reflecting the impact of dry weather globally in many wheat-growing regions.
Meat and meat preparations rose 3.8%, influenced by strong demand in Asia and the United States.
Coal, coke and briquettes rose 0.9%, reflecting demand from China.
Offsetting the rises were falls in Metalliferous ores and metal scrap (-1.7%), driven by falls in iron ore as demand from China slowed.
Through the year to the June quarter 2018, the Export Price Index rose 6.6%, driven by Coal, coke and briquettes (+8.5%), Gas, natural and manufactured (+18.8%), and Petroleum, petroleum products and related materials (+34.2%).
MAJOR EXPORT PRODUCTS
The price movements of Australia's major export products are summarised below:
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