The main contributors to the fall were:
- Coal, coke and briquettes (-20.6%), driven by lower demand for both thermal and metallurgical coal due to the rapid easing of global supply constraints amid falling demand,
- Gas, natural and manufactured (-20.9%), driven by price falls in oil-linked contract and high European inventories placing further downward pressure on spot prices,
- Metalliferous ores and metal scrap (-6.2%), due to a decrease in iron ore demand from China, as growth in their manufacturing and construction slowed, and
- Crude fertilisers and minerals (-5.8%), driven by a fall in lithium prices, with long term contracts reflecting the cessation of subsidies on electric vehicles by the Chinese government in early 2023.
The main offsetting contributors were:
- Gold, non-monetary (+6.4%), driven by stronger demand for the safe haven asset amidst ongoing geopolitical and economic uncertainty,
- Sugars and Honey (+19.1%), driven by adverse weather conditions impacting production in major sugar producing nations, creating a surge in demand for Australian sugar, and
- Meat and meat preparations (+3.8%), driven by a small uptick in demand from the lows of March quarter, alongside a depreciating Australian Dollar.
Through the year, the Export Price Index fell 11.2%. The main contributors were:
- Coal, coke and briquettes (-35.2%), and
- Metalliferous ores and metal scrap (-9.7%).