Export price index
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.
Export Price Index, all groups, quarterly movement (%)
Bar chart with 17 bars.
The chart has 1 X axis displaying Quarter.
The chart has 1 Y axis displaying Percentage change (%). Data ranges from -8.5 to 14.6.
End of interactive chart.
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%).
Import price index
The main contributors to the fall were:
- Petroleum, petroleum products and related materials (-7.0%), driven by global recession fears leading to a demand side contraction for oil,
- Fertiliser (excluding crude fertilisers) (-16.4%), driven by falling prices for natural gas and ammonia, which are key inputs to production, and
- Chemical materials and products (-8.2%) driven by falling global insecticide and herbicide prices, as supply chains normalise and input costs moderate.
The main offsetting contributors were:
- Specialised machinery (+5.6%), driven by annual price reviews reflecting strong inflationary pressures and increased input costs through 2022. This was further supported by a depreciating Australian dollar, and
- Gold, non-monetary (+7.2%), driven by stronger demand for the safe haven asset amidst ongoing geopolitical and global economic uncertainty.
Import Price Index, all groups, quarterly movement (%)
Bar chart with 17 bars.
The chart has 1 X axis displaying Quarter.
The chart has 1 Y axis displaying Percentage change (%). Data ranges from -4.2 to 5.8.
End of interactive chart.
Through the year, the Import Price Index fell 0.3%. The main contributor was:
- Petroleum, petroleum products and related materials (-27.3%).
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