COMMENTARY
IMPORT PRICE INDEX
The Import Price Index decreased by 3.8% in the December quarter 2010, primarily due to the appreciation of the Australian dollar against all major trading currencies. This decrease was driven mainly by falls in the prices paid for office machines and automatic data-processing machines (-8.4%), telecommunication and sound recording and reproducing apparatus and equipment (-6.1%), miscellaneous manufactured articles, n.e.s. (-7.2%) and general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (-5.1%). Partly offsetting these falls were rises in the prices paid for gold, non-monetary (excluding gold, ores and concentrates) (+2.1%).
Through the year to December quarter 2010, the Import Price Index decreased by 1.0%. This decrease was driven mainly by falls in the prices paid for telecommunications and sound-recording and reproducing apparatus and equipment (-9.7%), office machines and automatic data-processing machines (-9.2%), organic chemicals (-19.9%) and general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (-5.5%). Partly offsetting these through the year falls were rises in the prices paid for gold, non-monetary (excluding gold, ores and concentrates) (+15.6%), petroleum, petroleum products and related materials (+3.9%), medicinal and pharmaceutical products (+6.5%) and non-ferrous metals (+14.7%).
EXPORT PRICE INDEX
The Export Price Index decreased by 8.1% in the December quarter 2010. This decrease was driven mainly by falls in the prices received for metalliferous ores and metal scrap (-14.0%), coal, coke and briquettes (-16.0%), gas, natural and manufactured (-13.1%) and iron and steel (-12.0%). These falls were partly offset by rises in the prices received for cereals and cereal preparations (+9.0%), non-ferrous metals (+3.5%), gold, non-monetary (excluding gold, ores and concentrates) (+2.0%) and sugars, sugar preparations and honey (+16.8%).
Through the year to December quarter 2010, the Export Price Index increased by 19.4%. This increase was driven mainly by rises in the prices received for metalliferous ores and metal scrap (+49.0%), coal, coke and briquettes (+20.7%), gold, non-monetary (excluding gold, ores and concentrates) (+14.6%) and gas, natural and manufactured (+16.2%). Partly offsetting these through the year rises were falls in the prices received for professional, scientific and controlling instruments and apparatus, n.e.s. (-15.1%), power-generating machinery and equipment (-3.6%), beverages (-4.5%) and road vehicles (including air-cushion vehicles) (-3.5%).
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