COMMENTARY
IMPORT PRICE INDEX
The Import Price Index fell 0.5% in the March quarter 2019. This follows a rise in the December quarter 2018 of 0.5%.
The main contributor to the fall this quarter is Petroleum, petroleum products and related materials (-6.8%), due to an increase in global supply.
Other major price falls were recorded in Inorganic chemicals and Medicinal and pharmaceutical products.
Inorganic chemicals fell 15.3%, driven by falls in the price of caustic soda, due to a global oversupply.
Medicinal and pharmaceutical products fell 3.1%, due to annual price reviews and increased competition from generic medicines.
These falls were partially offset by rises in prices for Gold, non-monetary (excluding gold ores and concentrates) (+6.8%), and General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+2.5%).
Through the year to the March quarter 2019, the Import Price Index rose 5.2%. The main contributors to the rise are Petroleum, petroleum products and related materials (+5.6%), and General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+8.6%).
MAJOR IMPORT PRODUCTS
The price movements of Australia's major import products are summarised below:
- Petroleum, petroleum products and related materials (SITC 33) (-6.8%);
- Road vehicles (incl. air-cushion vehicles) (SITC 78) (-0.4%);
- Telecommunications and sound-recording equipment and reproducing apparatus and equipment (SITC 76) (-0.1%);
- Electrical machinery, apparatus and appliances, n.e.s. (SITC 77) (+1.0%);
- General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (SITC 74) (+2.5%).
EXPORT PRICE INDEX
The Export Price Index rose 4.5% in the March quarter 2019. This follows a rise in the December quarter 2018 of 4.4%.
The main contributor to the rise this quarter is Metalliferous ores and metal scrap (+12.9%), reflecting local and global supply disruptions for iron ore and on-going demand from China.
Other major price rises were recorded in Gold, non-monetary (excluding gold ores and concentrates), Cereals and cereal preparations, Gas, natural and manufactured, and Non-ferrous metals.
Gold, non-monetary (excluding gold ores and concentrates), rose 6.6%, due to increased investor demand amid concerns over global economic growth.
Cereals and cereal preparations rose 4.3%, due to the impact of dry weather conditions globally in many wheat growing regions.
Gas, natural and manufactured rose 0.9%, due to the continuation of demand across Asia for liquefied natural gas. Export contract prices for liquefied natural gas are influenced by the international crude oil price with a four to six month lag.
Non-ferrous metals rose 3.3%, driven by increased demand for copper.
Offsetting these rises were falls in prices for Petroleum, petroleum products and related materials (-11.7%), and Meat and meat preparations (-2.3%).
Through the year to the March quarter 2019, the Export Price Index rose 15.3%. The main contributors to the rise are Metalliferous ores and metal scrap (+25.4%), Gas, natural and manufactured (+37.1%), and Coal, coke and briquettes (+9.0%).
MAJOR EXPORT PRODUCTS
The price movements of Australia's major export products are summarised below:
- Metalliferous ores and metal scrap (SITC 28) (+12.9%);
- Coal, coke and briquettes (SITC 32) (+0.1%);
- Gas, natural and manufactured (SITC 34) (+0.9%);
- Gold, non-monetary (excluding gold ores and concentrates) (SITC 97) (+6.6%);
- Meat and meat preparations (SITC 01) (-2.3%).
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