The main contributors to the rise were:
- Metalliferous ores and metal scrap (+16.9%), due to an increase in Chinese iron ore demand stemming from an end to COVID-19 restrictions and supportive government policies for construction and manufacturing,
- Crude fertilisers and minerals (+23.9%), driven by a rise in lithium, with long term contract prices reflecting peaking demand from late 2022, and
- Gold, non-monetary (+4.9%), driven by stronger demand for the safe haven asset amidst high inflation and global economic uncertainty.
The main offsetting contributors were:
- Gas, natural and manufactured (-15.2%), driven by price falls in oil-linked contracts and lower demand due to a milder northern winter,
- Coal, coke and briquettes (-5.6%), driven by lower demand for thermal coal for heating, partly offset by rises in metallurgical coal due to increased demand for steel production, and
- Meat and meat preparations (-16.7%), driven by increased global supply, particularly following increased slaughter rates in the US due to drought conditions.
Through the year, the Export Price Index rose 6.9%. The main contributors were:
- Gas, natural and manufactured (+19.7%), and
- Coal, coke and briquettes (+7.4%).