COMMENTARY
IMPORT PRICE INDEX
The Import Price Index rose 1.9% in the September quarter 2018. This follows a rise in the June quarter 2018 of 3.2%.
The main contributor to the rise is Petroleum, petroleum products and related materials (+5.1%), reflecting tight worldwide supply due to global production restrictions and capacity constraints.
Manufactures of metals, n.e.s., rose 8.3%, due to rises in prices of household products of iron and steel.
The depreciation of the Australian dollar against the US dollar had an upward effect on prices, including for Office machines and automatic data-processing machines (+3.3%), Miscellaneous manufactured articles, n.e.s. (+2.5%) and Articles of apparel and clothing accessories (+3.1%).
These rises were partially offset by falls in prices for Gold, non-monetary (-3.8%) and Metalliferous ores and metal scrap (-15.6%).
Through the year to the September quarter 2018, the Import Price Index rose 9.8%. The main contributor to the rise is Petroleum, petroleum products and related materials (+48.3%).
MAJOR IMPORT PRODUCTS
The price movements of Australia's major import products are summarised below:
- Petroleum, petroleum products and related materials (SITC 33) (5.1%);
- Road vehicles (SITC 78) (+0.4%);
- Telecommunications and sound-recording equipment and reproducing apparatus and equipment (SITC 76) (-0.7%);
- Electrical machinery, apparatus and appliances, n.e.s. (SITC 77) (+1.3%);
- General industrial machinery and equipment, n.e.s. (SITC 74) (+1.4%).
EXPORT PRICE INDEX
The Export Price Index rose 3.7% in the September quarter 2018. This follows a rise in the June quarter 2018 of 1.9%.
Prices received for many of Australia's mineral fuel commodities rose in the September quarter 2018. Gas, natural and manufactured, rose 12.9%, in response to strong demand for LNG in northern Asia and supply constraints. Export contract prices for LNG are also influenced by the international crude oil price with a two to four month lag.
Metalliferous ores and metal scrap rose 3.6%, reflecting demand from China for iron ore.
Coal, coke and briquettes rose 4.0%, due to increasing demand for thermal coal.
Cereals and cereal preparations rose 12.9%, due to the impact of dry weather globally in many wheat and barley growing regions.
Petroleum, petroleum products and related materials rose 6.5%, reflecting tight worldwide supply due to global production restrictions and capacity constraints.
Offsetting these rises were falls in prices for Gold, non-monetary (-3.2%) and Non-ferrous metals (-2.2%).
Through the year to the September quarter 2018, the Export Price Index rose 14.0%. The main contributors to the rise are Gas, natural and manufactured (+39.8%) and Coal, coke and briquettes (+21.9%).
MAJOR EXPORT PRODUCTS
The price movements of Australia's major export products are summarised below:
- Metalliferous ores and metal scrap (SITC 28) (+3.6%);
- Coal, coke and briquettes (SITC 32) (+4.0%);
- Gas, natural and manufactured (SITC 34) (+12.9%);
- Gold, non-monetary (SITC 97) (-3.2%);
- Meat and meat preparations (SITC 01) (+2.2%).
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