6457.0 - International Trade Price Indexes, Australia, Sep 2017 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 26/10/2017   
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COMMENTARY


IMPORT PRICE INDEX

The Import Price Index fell 1.6% in the September quarter 2017. This follows a fall in the June quarter 2017 of 0.1%

The fall was driven by lower prices received for Telecommunications and sound recording equipment (-7.8%).

Petroleum, petroleum products and related materials fell 2.0%, following a fall in the June quarter 2017 of 4.6%, as increased supply entered the global market.

The appreciation of the Australian dollar against the US dollar had a downward effect on import prices, including for Office and automatic data processing machines (-4.7%), Furniture and Parts thereof (-6.9%) and Articles of apparel and clothing accessories (-3.2%).

Through the year to the September quarter 2017, the Import Price Index fell 0.4%, driven by Telecommunications and sound recording equipment (-15.9%)


MAJOR IMPORT PRODUCTS

The quarterly price movements of Australia's major import products are summarised below:

  • Road vehicles (SITC 78) (-0.5%);
  • Petroleum, petroleum products and related materials (SITC 33) (-2.0%);
  • Telecommunications and sound recording equipment (SITC 76) (-7.8%);
  • General industrial machinery and equipment, n.e.s. (SITC 74) (-0.4%);
  • Electrical machinery, apparatus and appliances, n.e.s. (SITC 77) (-1.4%).


EXPORT PRICE INDEX

The Export Price Index fell 3.0% in the September quarter 2017. This follows a fall in the June quarter 2017 of 5.7%.

Australia's mining commodities continued to decline in the September quarter 2017. Coal, coke and briquettes fell 7.4% and Metalliferous ores and metal scrap fell 1.5% driven by prices received for Iron ore.

Gas, natural and manufactured fell 4.0%, reflecting the fall in crude oil prices in the June quarter 2017. Export contract prices for LNG are influenced by the international crude oil prices with a two to four month lag.

The appreciation of the Australian dollar against the US dollar had a downward effect on export prices, particularly for Gold, non-monetary (-3.2%).

Petroleum, petroleum products and related materials fell 5.8%, following a fall in the June quarter 2017 of 4.4%, as increased supply entered the global market.

Meat and meat preparations fell 3.4%, driven by falls in beef prices due to improved domestic and global supply.

Through the year to the September quarter 2017, the Export Price Index rose 14.2%, driven by Coal, coke and briquettes (+62.1%).


MAJOR EXPORT PRODUCTS

The quarterly price movements of Australia's major export products are summarised below:
  • Metalliferous ores and metal scrap (SITC 28) (-1.5%);
  • Coal, coke and briquettes (SITC 32) (-7.4%);
  • Gas, natural and manufactured (SITC 34) (-4.0%)
  • Gold, non-monetary (SITC 97) (-3.2%);
  • Meat and meat preparations (SITC 01) (-3.4%).