Australian Bureau of Statistics
6457.0 - International Trade Price Indexes, Australia, Dec 2005
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 20/01/2006
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DECEMBER QUARTER KEY FIGURES
EXPORT PRICE INDEX
NOTE ON PRICING OF CRUDE PETROLEUM OILS
The international trade price indexes are compiled on a basis consistent with that used for recording international merchandise trade statistics. The relevant prices are those applicable to shipments entering Australia (imports) and those that leave Australia (exports) during the reference quarter. Imports are priced on a 'free on board' (f.o.b.) country of origin basis and exports on a f.o.b. basis at the Australian port of export. Prices denominated in foreign currencies are converted to Australian dollars using market exchange rates.
Because of the time lag between when an imported item leaves a foreign port and when it arrives in Australia, the f.o.b. prices used in the compilation of the import price index will tend to relate to an earlier point in time than the prices for equivalent exports. Therefore the import price index for commodities whose prices are determined in the international marketplace, such as crude oil, will lag the export price index in reacting to changes in those global prices. Similarly, the import price index will tend to lag the export price index in reacting to changes in exchange rates. This lagging effect is illustrated in the December quarter 2005, when the import price index for crude petroleum oils recorded an increase while the equivalent export price index recorded a fall.
Any discrepancies between totals and sums of components in this publication are due to rounding.
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This page last updated 20 June 2006