The main contributors to the rise were:
- Coal, coke and briquettes (+5.4%), driven by rising thermal coal prices, reflecting higher demand as countries switched to coal-fired power generation in the absence of fluid LNG supply.
- Petroleum and related products (+22.7%), driven by ongoing tensions in the Middle East, which have tightened global crude oil supplies and pushed prices higher.
- Crude fertilisers (+20.9%), reflecting ongoing growing demand for lithium used in the battery storage and electric vehicle sectors as well as constrained Chinese inventories.
The main offsetting contributors were:
- Gold, non-monetary (-8.8%), tightening monetary policy expectations and higher US treasury bond yields outweighed safe-haven demand, contributing to a decline in gold prices.
- Metalliferous ores and metal scrap (-1.4%), weighed down by high Chinese iron ore stockpiles and strong global supply conditions. Additionally, Chinese steel production incentives fell, with anti-dumping measures softening iron ore demand.
Through the year, the Export Price Index rose 3.9%. The main contributors were:
- Gold, non-monetary (+24.6%), and
- Coal, coke and briquettes (+13.3%).
The main offsetting annual contributors were:
- Gas, natural and manufactured (-14.7%), and
- Metalliferous ores and metal scrap (-4.4%)