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International Trade Price Indexes, Australia

Contains indexes measuring changes in prices of imports of merchandise landed in Australia and exports of merchandise shipped from Australia

Reference period
June 2020
Released
30/07/2020
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    Next Release 28/01/2021
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    Next Release 29/04/2021
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Key statistics

  • Import price index fell 1.9% this quarter and 1.9% through the year.
  • Export price index fell 2.4% this quarter and 3.8% through the year.

  • The Australian dollar depreciated against the United States dollar.

    • The exchange rate had an upward effect on import and export prices this quarter.

    Main features

    June quarter key statistics

    Import price index

    • Fell 1.9% this quarter and 1.9% through the year.
       

    Main contributors to the fall were:

    • Petroleum, petroleum products and related materials (-32.5%),
    • Non-ferrous metals (-5.6%), and
    • Coffee, tea, cocoa spices and manufactures thereof (-3.6%).
       

    Offsetting rises occurred in:

    • Road vehicles (including air-cushion vehicles) (+2.0%), and
    • Gold, non-monetary (+8.3%).
       

    Export price index

      • Fell 2.4% this quarter and 3.8% through the year.
         

      Main contributors to the fall were:

      • Petroleum, petroleum products and related materials (-46.6%),
      • Coal, coke and briquettes (-6.8%),
      • Gas, natural and manufactured (-7.2%), and
      • Non-ferrous metals (-7.9%).
         

      Offsetting rises occurred in:

      • Metalliferous ores and metal scrap (+2.9%),
      • Gold, non-monetary (+8.4%), and
      • Cereals and cereal preparations (+4.8%).
         

      Exchange rate

      • The Australian dollar depreciated against the United States dollar.
        • This had an upward effect on import and export prices this quarter.

         

         Mar Qtr 20 to Jun Qtr 20Jun Qtr 19 to Jun Qtr 20
         % change% change
        Import Price Index all groups
        -1.9
        -1.9
        Food and live animals
        3.4
        5.5
        Beverages and tobacco
        -0.7
        2.0
        Crude materials, inedible, except fuels
        -3.5
        -15.1
        Mineral fuels, lubricants and related materials
        -32.7
        -40.2
        Animal and vegetable oils, fats and waxes
        6.4
        12.0
        Chemicals and related products, n.e.s.
        0.8
        -1.4
        Manufactured goods classified chiefly by material
        2.0
        3.6
        Machinery and transport equipment
        2.4
        4.4
        Miscellaneous manufactured articles
        2.2
        3.8
        Commodities and transactions, n.e.s.
        8.3
        39.6
        Export Price Index all groups
        -2.4
        -3.8
        Food and live animals
        -0.1
        8.9
        Beverages and tobacco
        -3.3
        6.8
        Crude materials, inedible, except fuels
        1.9
        -2.7
        Mineral fuels, lubricants and related materials
        -9.9
        -17.2
        Animal and vegetable oils, fats and waxes
        2.2
        17.9
        Chemicals and related products, n.e.s.
        -6.1
        -4.9
        Manufactured goods classified chiefly by material
        -7.5
        -9.3
        Machinery and transport equipment
        -0.1
        1.9
        Miscellaneous manufactured articles
        0.2
        5.1
        Commodities and transactions, n.e.s.
        7.9
        37.4
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        Use of price indexes in contracts

        Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).

        Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.

        Changes in this issue

        A processing correction has been applied to the June quarter 2020 Export Price Index (EPI) of the International Trade Price Indexes, Australia (cat. no. 6457.0). The correction had minimal impact on headline EPI.

        Analysis of price changes

        Import price index (-1.9%)

        The main contributors to the fall were:

        • Petroleum, petroleum products and related materials (-32.5%), due to continued high levels of production amid a collapse in global demand.
        • Non-ferrous metals (-5.6%), reflecting the current weakened global demand.
        • Coffee, tea, cocoa spices and manufactures thereof (-3.6%), driven by a drop in global demand amid COVID-19 food outlet shutdowns.
           

        The main offsetting contributors were:

        • Road vehicles (including air-cushion vehicles) (+2.0%), driven by a depreciation in the AUD exchange rate and pass through of price changes in supply chains.
        • Gold, non-monetary (+8.3%), due to increased demand for the safe-haven commodity in an uncertain global market.
           

        Through the year, the Import Price Index fell 1.9%. The main contributors were:

        • Petroleum, petroleum products and related materials (-40.7%).
        • Inorganic chemicals (-21.7%).
           

        Major import products

        Price movements for Australia's major import products this quarter were:

        • Petroleum, petroleum products and related materials (-32.5%).
        • Road vehicles (including air-cushion vehicles) (+2.0%).
        • Electrical machinery, apparatus and appliances, n.e.s. (+3.3%).
        • Telecommunications and sound-recording equipment and reproducing apparatus and equipment (+0.3%).
        • General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+2.9%).
           

        Export price index (-2.4%)

          The main contributors to the fall were:

          • Petroleum, petroleum products and related materials (-46.6%), due to continued high levels of production amid a collapse in global demand.
          • Coal, coke and briquettes (-6.8%), reflecting falling global demand for thermal and metallurgical coal.
          • Gas, natural and manufactured (-7.2%), due to falls in crude oil prices in the March quarter 2020 flowing through to LNG contract prices.
          • Non-ferrous metals (-7.9%), reflecting the current weakened global demand.
             

          The main offsetting contributors were:

          • Metalliferous ores and metal scrap (+2.9%), due to continued global demand for iron ore. In addition, there were global supply concerns due to the shutdown of some Brazilian mines following a COVID-19 outbreak.
          • Gold, non-monetary (+8.4%), due to increased demand for the safe-haven commodity in an uncertain global market.
          • Cereals and cereal preparations (+4.8%), as a result of continued demand for the staple food.
             

          Through the year, the Export Price Index fell 3.8%. The main contributors were:

          • Coal, coke and briquettes (-24.7%).
          • Petroleum, petroleum products and related materials (-54.0%).
             

          Major export products

            Price movements for Australia's major export products this quarter were:

            • Metalliferous ores and metal scrap (+2.9%).
            • Coal, coke and briquettes (-6.8%).
            • Gas, natural and manufactured (-7.2%).
            • Gold, non–monetary (excluding gold ores and concentrates) (+8.4%).
            • Meat and meat preparations (-0.3%).
               

            Data downloads - time series spreadsheets

            Tables 1, 3 and 12. Import price index by SITC, index numbers and percentage changes

            Tables 4, 5 and 6. Import price index by balance of payments broad economic categories, index numbers

            Tables 7 and 9. Export price index by SITC, index numbers and percentage changes

            Tables 10 and 11. Export price index by balance of payments classification of exports, index numbers

            Table 13. Import price index by selected HTISC section, index numbers

            Tables 14 and 15. Import price index by selected ANZSIC division and subdivision, index numbers

            Table 16. Import price index: BEC category, index numbers

            Table 18. Export price index by selected AHECC section, index numbers

            Table 19. Export price index by selected ANZSIC division and subdivision, index numbers

            All time series spreadsheets

            Data downloads - data cubes

            Table 2 Import price index, SITC contribution to all groups index

            Table 8 Export price index, SITC contribution to all groups index

            Table 17 Export price index, AHECC and ANZSIC contribution to all groups index

            Previous catalogue number

            This release previously used catalogue number 6457.0.