COMMENTARY
IMPORT PRICE INDEX
The Import Price Index fell 3.0% in the March quarter 2016. The fall in the Import Price Index is driven by falls in the prices paid for petroleum, petroleum products and related materials (-22.5%); medicinal and pharmaceutical products (-5.3%) and chemical materials and products, n.e.s. (-8.8%). Partly offsetting these falls are rises in the prices paid for road vehicles (including air-cushion vehicles) (+1.8%) and gold, non-monetary (excluding gold ores and concentrates) (+6.7%).
Through the year to the March quarter 2016, the Import Price Index fell 0.5%. The fall is driven mainly by the prices paid for petroleum, petroleum products and related materials (-29.2%); medicinal and pharmaceutical products (-5.7%); iron and steel (-7.4%); organic chemicals (-12.4%) and rubber manufactures, n.e.s. (-7.6%). Partly offsetting these falls were rises in the prices paid for road vehicles (including air-cushion vehicles) (+5.1%); office machines and automatic data-processing machines (+8.7%); general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (+6.1%); articles of apparel and clothing accessories (+9.2%); machinery specialised for particular industries (+7.7%); manufactures of metals, n.e.s. (+5.3%) and non-metallic mineral manufactures, n.e.s. (+13.0%).
MAJOR IMPORT PRODUCTS
Australia's major import products based on contribution are:
- Road vehicles (including air-cushion vehicles) (SITC 78) (+1.8%);
- Petroleum, petroleum products and related materials (SITC 33) (-22.5%);
- General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (SITC 74) (+0.9%);
- Telecommunications and sound recording equipment and reproducing apparatus and equipment (SITC 76) (-0.5%);
- Electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof (including non-electrical counterparts, n.e.s., of electrical household-type equipment) (SITC 77) (-1.7%)
EXPORT PRICE INDEX
The Export Price Index fell 4.7% in the March quarter 2016. This fall is driven by falls in the prices received for metalliferous ores and metal scrap (-5.3%); coal, coke and briquettes (-8.1%); gas, natural and manufactured (-11.6%); petroleum, petroleum products and related materials (-15.8%); meat and meat preparations (-5.2%); textile fibres (other than wool tops and other combed wool) and their wastes (not manufactured into yarn or fabric) (-6.8%) and other transport equipment (-13.7%). Partly offsetting these falls are rises in the prices received for gold, non-monetary (excluding gold ores and concentrates) (+5.8%).
Through the year to the March quarter 2016, the Export Price Index fell 13.8%. This fall is driven by falls in the prices received for metalliferous ores and metal scrap (-21.8%); coal, coke and briquettes (-17.6%); gas, natural and manufactured (-31.0%); non-ferrous metals (-18.9%); and petroleum, petroleum products and related materials (-30.7%). Partly offsetting these through the year falls are rises in the prices received for gold, non-monetary (excluding gold ores and concentrates) (+4.8%); vegetables and fruit (+23.2%); telecommunications equipment, sound recording apparatus and electrical machinery, n.e.s. (+7.3%); power generating, general industrial and other specialised machinery and equipment (+3.2%); and professional, scientific and controlling instruments and apparatus, n.e.s. (+7.8%).
MAJOR EXPORT PRODUCTS
Australia's major export products based on contribution are:
- Metalliferous ores and metal scrap (SITC 28) (-5.3%);
- Coal, coke and briquettes (SITC 32) (-8.1%);
- Gold, non-monetary (excluding gold ores and concentrates) (SITC 97) (+5.8%);
- Gas, natural and manufactured (SITC 34) (-11.6%);
- Meat and meat preparations (SITC 01) (-5.2%)
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