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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
September 2019
Released
31/10/2019

Key statistics

  • Import price index rose 0.4% this quarter and 1.2% through the year.
  • Export price index rose 1.3% this quarter and 14.7% 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

September quarter key statistics

Import price index

  • Rose 0.4% this quarter
  • Rose 1.2% over the last twelve months.
     

Main positive contributors are:

  • Gold, non-monetary (excluding gold ores and concentrates) (+15.0%)
  • General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+2.4%) and
  • Telecommunications and sound-recording and reproducing apparatus and equipment (+1.6%).
     

Offsetting falls occurred in:

  • Petroleum, petroleum products and related materials (–4.9%) and
  • Organic chemicals (–10.8%)
     

Export price index

  • Rose 1.3% this quarter
  • Rose 14.7% over the last twelve months.
     

Main positive contributors are:

  • Gas, natural and manufactured (+7.0%)
  • Gold, non-monetary (excluding gold ores and concentrates) (+15.6%)
  • Metalliferous ores and metal scrap (+2.4%)
  • Meat and meat preparations (+4.8%) and
  • Non-ferrous metals (+3.1%)
     

Offsetting falls occurred in:

  • Coal, coke and briquettes (–5.9%)
  • Petroleum, petroleum products and related materials (–9.9%)
  • Textile fibres and their wastes (not manufactured into yarn or fabric) (–7.9%) and
  • Cereals and cereal preparations (–4.0%)
     

Exchange rate

  • The Australian dollar depreciated against the United States dollar.
  • This had an upward effect on import and export prices this quarter.
     
 Jun Qtr 19 to Sep Qtr 19Sep Qtr 18 to Sep Qtr 19
 % change% change
Import Price Index all groups
0.4
1.2
Food and live animals
1.4
5.0
Beverages and tobacco
1.8
3.5
Crude materials, inedible, except fuels
-5.8
-3.6
Mineral fuels, lubricants and related materials
-3.9
-9.9
Animal and vegetable oils, fats and waxes
-2.7
-10.9
Chemicals and related products, n.e.s.
-1.0
-3.0
Manufactured goods classified chiefly by material
1.1
4.9
Machinery and transport equipment
0.9
3.1
Miscellaneous manufactured articles
1.4
3.3
Commodities and transactions, n.e.s.
15.0
29.6
Export Price Index all groups
1.3
14.7
Food and live animals
1.1
6.5
Beverages and tobacco
6.5
9.1
Crude materials, inedible, except fuels
1.7
45.2
Mineral fuels, lubricants and related materials
-1.3
-6.5
Animal and vegetable oils, fats and waxes
2.8
3.6
Chemicals and related products, n.e.s.
-0.3
0.2
Manufactured goods classified chiefly by material
1.1
-1.8
Machinery and transport equipment
0.5
3.3
Miscellaneous manufactured articles
1.7
4.4
Commodities and transactions, n.e.s.
14.8
29.2
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Changes in this issue

The Import Price Index and the Export Price Index have been reweighted for the September quarter 2019. These indexes are annually reweighted each September quarter, using import and export values. A detailed explanation of the reweighting methodology and data sources is available in the Methodology, under the heading Items and weights. The new weighting patterns are provided in the Appendix of this issue. As a consequence of the annual reweighting, the points contribution data for the June quarter 2019 shown in Tables 2, 8 and 17 have been updated from those published in the previous issue of this publication.

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.

Analysis of price changes

Import price index (+0.4%)

Main contributors are:

  • Gold, non-monetary (excluding gold ores and concentrates) (+15.0%), due to increased investor demand amid concerns over global economic growth.
  • General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+2.4%), reflecting annual price reviews and the depreciation of the Australian dollar.
  • Telecommunications and sound-recording and reproducing apparatus and equipment (+1.6%), due to higher import prices for mobile phones.
     

These rises were partially offset by falls in:

  • Petroleum, petroleum products and related materials (–4.9%), driven by a fall in global demand.
  • Organic chemicals (–10.8%), due to an increase in global supply.
     

Over the last twelve months, the Import Price Index rose 1.2%. The main contributors are:

  • Gold, non-monetary (excluding gold ores and concentrates) (+29.6%).
  • General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+7.2%).
     

Major import products

Australia's major import products and their price movements this quarter are:

  • Petroleum, petroleum products and related materials (–4.9%)
  • Road vehicles (incl. air-cushion vehicles) (+0.6%)
  • Electrical machinery, apparatus and appliances, n.e.s. (+0.8%)
  • Telecommunications and sound-recording equipment and reproducing apparatus and equipment (+1.6%)
  • General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+2.4%)
     

Export price index (+1.3%)

Main contributors are:

  • Gas, natural and manufactured (+7.0%), due to rises in crude oil prices in the June quarter 2019 flowing through to LNG contract prices. Export contract prices for liquefied natural gas are influenced by the international crude oil price with a four to six month lag.
  • Gold, non-monetary (excluding gold ores and concentrates) (+15.6%), due to increased investor demand amid concerns over global economic growth.
  • Metalliferous ores and metal scrap (+2.4%), reflecting continued global supply disruptions for iron ore and sustained demand from China.
  • Meat and meat preparations (+4.8%), driven by increased global demand for Australian lamb and beef.
  • Non-ferrous metals (+3.1%), driven by concerns over possible supply disruptions for nickel.
     

These rises were partially offset by falls in:

  • Coal, coke and briquettes (–5.9%), due to increased global supply of thermal and coking coal.
  • Petroleum, petroleum products and related materials (–9.9%), driven by a fall in global demand.
  • Textile fibres and their wastes (not manufactured into yarn or fabric) (–7.9%), due to decreased global demand for wool and cotton.
  • Cereals and cereal preparations (–4.0%), due to increased global supply.
     

Over the last twelve months, the Export Price Index rose 14.7%. The main contributors are:

  • Metalliferous ores and metal scrap (+53.0%).
  • Gold, non-monetary (excluding gold ores and concentrates) (+30.0%).
     

Major export products

Australia's major export products and their price movements this quarter are:

  • Metalliferous ores and metal scrap (+2.4%)
  • Coal, coke and briquettes (–5.9%)
  • Gas, natural and manufactured (+7.0%)
  • Gold, non–monetary (excluding gold ores and concentrates) (+15.6%)
  • Meat and meat preparations (+4.8%).
     

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

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