Export prices drop as global energy demand falls

Media Release

Released

27/07/2023

Source

International Trade Price Indexes, Australia, June 2023

The Export Price Index fell 8.5 per cent in the June quarter 2023, and 11.2 per cent annually, according to data released today by the Australian Bureau of Statistics (ABS).

Michelle Marquardt, ABS head of prices statistics, said: “The 8.5 per cent fall in the Export Price Index is the largest quarterly fall since the September quarter 2009, largely due to a strong drop in global energy demand.”

Export Price Index, quarterly and annual movement (%)
Quarter	Change from previous quarter	Annual change
Jun-08	13.5	13.3
Sep-08	13.7	32.8
Dec-08	15.9	54.8
Mar-09	-4.6	42.7
Jun-09	-20.6	-0.1
Sep-09	-9.6	-20.7
Dec-09	-1.7	-32.7
Mar-10	3.8	-26.7
Jun-10	16.1	7.1
Sep-10	7.8	27.7
Dec-10	-8.1	19.5
Mar-11	5.1	20.9
Jun-11	6.1	10.5
Sep-11	3.9	6.5
Dec-11	-1.4	14.2
Mar-12	-7.0	1.1
Jun-12	0.9	-3.9
Sep-12	-6.4	-13.4
Dec-12	-2.4	-14.3
Mar-13	2.8	-5.2
Jun-13	-0.3	-6.4
Sep-13	4.2	4.2
Dec-13	-0.5	6.2
Mar-14	2.8	6.2
Jun-14	-7.9	-1.9
Sep-14	-3.9	-9.5
Dec-14	0.0	-9.1
Mar-15	-0.8	-12.2
Jun-15	-4.4	-8.9
Sep-15	0.0	-5.2
Dec-15	-5.4	-10.3
Mar-16	-4.7	-13.8
Jun-16	1.4	-8.7
Sep-16	4.1	-4.9
Dec-16	14.7	15.3
Mar-17	8.8	31.7
Jun-17	-5.7	22.5
Sep-17	-3.0	14.2
Dec-17	2.8	2.4
Mar-18	4.9	-1.4
Jun-18	1.9	6.6
Sep-18	3.7	14.0
Dec-18	4.4	15.7
Mar-19	4.5	15.3
Jun-19	3.8	17.4
Sep-19	1.3	14.7
Dec-19	-5.2	4.1
Mar-20	2.7	2.3
Jun-20	-2.4	-3.8
Sep-20	-5.1	-9.9
Dec-20	5.5	0.3
Mar-21	11.2	8.6
Jun-21	13.2	26.0
Sep-21	6.2	41.0
Dec-21	3.5	38.3
Mar-22	14.6	42.6
Jun-22	10.1	38.7
Sep-22	-3.6	25.9
Dec-22	-0.9	20.5
Mar-23	1.6	6.9
Jun-23	-8.5	-11.2

Export Price Index, quarterly and annual movement (%)

["Quarter","Change from previous quarter","Annual change"]

[["Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23"],[[13.5],[13.699999999999999],[15.9],[-4.5999999999999996],[-20.600000000000001],[-9.5999999999999996],[-1.7],[3.7999999999999998],[16.100000000000001],[7.7999999999999998],[-8.0999999999999996],[5.0999999999999996],[6.0999999999999996],[3.8999999999999999],[-1.3999999999999999],[-7],[0.90000000000000002],[-6.4000000000000004],[-2.3999999999999999],[2.7999999999999998],[-0.29999999999999999],[4.2000000000000002],[-0.5],[2.7999999999999998],[-7.9000000000000004],[-3.8999999999999999],[0],[-0.80000000000000004],[-4.4000000000000004],[0],[-5.4000000000000004],[-4.7000000000000002],[1.3999999999999999],[4.0999999999999996],[14.699999999999999],[8.8000000000000007],[-5.7000000000000002],[-3],[2.7999999999999998],[4.9000000000000004],[1.8999999999999999],[3.7000000000000002],[4.4000000000000004],[4.5],[3.7999999999999998],[1.3],[-5.2000000000000002],[2.7000000000000002],[-2.3999999999999999],[-5.0999999999999996],[5.5],[11.199999999999999],[13.199999999999999],[6.2000000000000002],[3.5],[14.6],[10.1],[-3.6000000000000001],[-0.90000000000000002],[1.6000000000000001],[-8.5]],[[13.300000000000001],[32.799999999999997],[54.799999999999997],[42.700000000000003],[-0.10000000000000001],[-20.699999999999999],[-32.700000000000003],[-26.699999999999999],[7.0999999999999996],[27.699999999999999],[19.5],[20.899999999999999],[10.5],[6.5],[14.199999999999999],[1.1000000000000001],[-3.8999999999999999],[-13.4],[-14.300000000000001],[-5.2000000000000002],[-6.4000000000000004],[4.2000000000000002],[6.2000000000000002],[6.2000000000000002],[-1.8999999999999999],[-9.5],[-9.0999999999999996],[-12.199999999999999],[-8.9000000000000004],[-5.2000000000000002],[-10.300000000000001],[-13.800000000000001],[-8.6999999999999993],[-4.9000000000000004],[15.300000000000001],[31.699999999999999],[22.5],[14.199999999999999],[2.3999999999999999],[-1.3999999999999999],[6.5999999999999996],[14],[15.699999999999999],[15.300000000000001],[17.399999999999999],[14.699999999999999],[4.0999999999999996],[2.2999999999999998],[-3.7999999999999998],[-9.9000000000000004],[0.29999999999999999],[8.5999999999999996],[26],[41],[38.299999999999997],[42.600000000000001],[38.700000000000003],[25.899999999999999],[20.5],[6.9000000000000004],[-11.199999999999999]]]

[]

[{"axis_id":"0","tick_interval":"","axis_min":"","axis_max":"","axis_title":"","precision":-1,"axis_units":"","tooltip_units":"","table_units":"","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

[{"value":"0","axis_id":"0","axis_title":"Percentage change (%)","axis_units":"","tooltip_units":"","table_units":"","axis_min":"-40","axis_max":"60","tick_interval":"10","precision":"-1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

Energy commodities were the main driver of the price fall this quarter. Export prices for Coal, coke and briquettes fell 20.6 per cent while Gas, natural and manufactured fell 20.9 per cent.

“Energy prices are falling from the highs seen in 2022, as global economic activity slows and supply pressures ease. Higher coal and gas inventories in Europe following a warmer than usual Northern Hemisphere winter, along with ongoing implementation of policies to reduce carbon emissions, have reduced world-wide demand for these commodities. Reductions in supply issues related to the war in Ukraine and improved weather conditions have also contributed to the fall in prices for coal and gas seen this quarter.” Ms Marquardt said.

Export Price Index, quarterly movement (%)
Quarter	32 Coal, coke and briquettes	33 Petroleum, petroleum products and related materials	34 Gas, natural and manufactured
Jun-19	-5.4	8.9	-17.8
Sep-19	-5.9	-9.9	7.0
Dec-19	-14.7	3.7	-2.3
Mar-20	0.7	-7.8	4.3
Jun-20	-6.8	-46.6	-7.2
Sep-20	-20.6	37.4	-39.7
Dec-20	0.9	5.6	2.1
Mar-21	5.8	37.3	20.2
Jun-21	15.6	12.0	14.6
Sep-21	48.1	12.0	39.5
Dec-21	51.9	8.7	36.1
Mar-22	25.2	27.4	3.5
Jun-22	31.6	11.3	4.5
Sep-22	-6.2	-8.3	34.9
Dec-22	-7.8	-7.5	0.2
Mar-23	-5.6	-11.5	-15.2
Jun-23	-20.6	-3.9	-20.9

Export Price Index, quarterly movement (%)

["Quarter","32 Coal, coke and briquettes","33 Petroleum, petroleum products and related materials","34 Gas, natural and manufactured"]

[["Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23"],[[-5.4000000000000004],[-5.9000000000000004],[-14.699999999999999],[0.69999999999999996],[-6.7999999999999998],[-20.600000000000001],[0.90000000000000002],[5.7999999999999998],[15.6],[48.100000000000001],[51.899999999999999],[25.199999999999999],[31.600000000000001],[-6.2000000000000002],[-7.7999999999999998],[-5.5999999999999996],[-20.600000000000001]],[[8.9000000000000004],[-9.9000000000000004],[3.7000000000000002],[-7.7999999999999998],[-46.600000000000001],[37.399999999999999],[5.5999999999999996],[37.299999999999997],[12],[12],[8.6999999999999993],[27.399999999999999],[11.300000000000001],[-8.3000000000000007],[-7.5],[-11.5],[-3.8999999999999999]],[[-17.800000000000001],[7],[-2.2999999999999998],[4.2999999999999998],[-7.2000000000000002],[-39.700000000000003],[2.1000000000000001],[20.199999999999999],[14.6],[39.5],[36.100000000000001],[3.5],[4.5],[34.899999999999999],[0.20000000000000001],[-15.199999999999999],[-20.899999999999999]]]

[]

[{"axis_id":"0","tick_interval":"","axis_min":"","axis_max":"","axis_title":"","precision":-1,"axis_units":"","tooltip_units":"","table_units":"","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

[{"value":"0","axis_id":"0","axis_title":"Percentage change (%)","axis_units":"","tooltip_units":"","table_units":"","axis_min":"-60","axis_max":"60","tick_interval":"20","precision":"-1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

Weaker energy prices also resulted in a 0.8 per cent fall in the Import Price Index in June quarter 2023. Prices for Petroleum and petroleum products were down 7.0 per cent for the quarter.

Falling energy prices resulted in price reductions for other intermediate imported goods where production is energy intensive. These include Fertilisers, which fell 16.4 per cent, and Chemical materials and products, down 8.2 per cent.

Somewhat offsetting the falls in energy prices, various imported consumption and capital goods are still being affected by rising price pressures. These include consumption goods ranging from food and beverages to household electrical items, and capital goods including machinery and industrial equipment.

“There is evidence that some international exporters are still passing on cost pressures from 2022. This, combined with a weaker Australian dollar, pushed prices upward for imported consumption and capital goods.” Ms Marquardt said.

Import Price Index, quarterly and annual movement (%)
Quarter	Change from previous quarter	Annual change
Jun-08	1.4	3.6
Sep-08	5.0	9.6
Dec-08	10.7	21.1
Mar-09	-2.7	14.7
Jun-09	-6.4	5.8
Sep-09	-3.1	-2.3
Dec-09	-4.2	-15.5
Mar-10	0.3	-12.9
Jun-10	1.8	-5.2
Sep-10	0.7	-1.5
Dec-10	-3.7	-0.9
Mar-11	1.4	0.1
Jun-11	0.8	-0.9
Sep-11	0.0	-1.6
Dec-11	2.4	4.7
Mar-12	-1.2	2.1
Jun-12	2.4	3.7
Sep-12	-2.4	1.2
Dec-12	0.3	-0.9
Mar-13	0.0	0.3
Jun-13	-0.3	-2.4
Sep-13	6.1	6.1
Dec-13	-0.6	5.2
Mar-14	3.2	8.6
Jun-14	-3.0	5.7
Sep-14	-0.8	-1.1
Dec-14	0.9	0.3
Mar-15	-0.2	-3.0
Jun-15	1.4	1.3
Sep-15	1.4	3.5
Dec-15	-0.3	2.4
Mar-16	-3.0	-0.5
Jun-16	-1.0	-2.8
Sep-16	-1.0	-5.1
Dec-16	0.2	-4.6
Mar-17	1.2	-0.6
Jun-17	-0.1	0.3
Sep-17	-1.6	-0.4
Dec-17	2.4	1.8
Mar-18	2.0	2.6
Jun-18	3.2	6.0
Sep-18	1.9	9.8
Dec-18	0.5	7.8
Mar-19	-0.5	5.2
Jun-19	0.9	2.8
Sep-19	0.4	1.2
Dec-19	0.7	1.4
Mar-20	-1.0	0.9
Jun-20	-1.9	-1.9
Sep-20	-3.5	-5.7
Dec-20	-1.0	-7.3
Mar-21	0.2	-6.2
Jun-21	1.9	-2.5
Sep-21	5.4	6.4
Dec-21	5.8	13.8
Mar-22	5.1	19.3
Jun-22	4.3	22.1
Sep-22	3.0	19.3
Dec-22	1.8	14.9
Mar-23	-4.2	4.7
Jun-23	-0.8	-0.3

Import Price Index, quarterly and annual movement (%)

["Quarter","Change from previous quarter","Annual change"]

[["Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23"],[[1.3999999999999999],[5],[10.699999999999999],[-2.7000000000000002],[-6.4000000000000004],[-3.1000000000000001],[-4.2000000000000002],[0.29999999999999999],[1.8],[0.69999999999999996],[-3.7000000000000002],[1.3999999999999999],[0.80000000000000004],[0],[2.3999999999999999],[-1.2],[2.3999999999999999],[-2.3999999999999999],[0.29999999999999999],[0],[-0.29999999999999999],[6.0999999999999996],[-0.59999999999999998],[3.2000000000000002],[-3],[-0.80000000000000004],[0.90000000000000002],[-0.20000000000000001],[1.3999999999999999],[1.3999999999999999],[-0.29999999999999999],[-3],[-1],[-1],[0.20000000000000001],[1.2],[-0.10000000000000001],[-1.6000000000000001],[2.3999999999999999],[2],[3.2000000000000002],[1.8999999999999999],[0.5],[-0.5],[0.90000000000000002],[0.40000000000000002],[0.69999999999999996],[-1],[-1.8999999999999999],[-3.5],[-1],[0.20000000000000001],[1.8999999999999999],[5.4000000000000004],[5.7999999999999998],[5.0999999999999996],[4.2999999999999998],[3],[1.8],[-4.2000000000000002],[-0.80000000000000004]],[[3.6000000000000001],[9.5999999999999996],[21.100000000000001],[14.699999999999999],[5.7999999999999998],[-2.2999999999999998],[-15.5],[-12.9],[-5.2000000000000002],[-1.5],[-0.90000000000000002],[0.10000000000000001],[-0.90000000000000002],[-1.6000000000000001],[4.7000000000000002],[2.1000000000000001],[3.7000000000000002],[1.2],[-0.90000000000000002],[0.29999999999999999],[-2.3999999999999999],[6.0999999999999996],[5.2000000000000002],[8.5999999999999996],[5.7000000000000002],[-1.1000000000000001],[0.29999999999999999],[-3],[1.3],[3.5],[2.3999999999999999],[-0.5],[-2.7999999999999998],[-5.0999999999999996],[-4.5999999999999996],[-0.59999999999999998],[0.29999999999999999],[-0.40000000000000002],[1.8],[2.6000000000000001],[6],[9.8000000000000007],[7.7999999999999998],[5.2000000000000002],[2.7999999999999998],[1.2],[1.3999999999999999],[0.90000000000000002],[-1.8999999999999999],[-5.7000000000000002],[-7.2999999999999998],[-6.2000000000000002],[-2.5],[6.4000000000000004],[13.800000000000001],[19.300000000000001],[22.100000000000001],[19.300000000000001],[14.9],[4.7000000000000002],[-0.29999999999999999]]]

[]

[{"axis_id":"0","tick_interval":"","axis_min":"","axis_max":"","axis_title":"","precision":-1,"axis_units":"","tooltip_units":"","table_units":"","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

[{"value":"0","axis_id":"0","axis_title":"Percentage change (%)","axis_units":"","tooltip_units":"","table_units":"","axis_min":"-20","axis_max":"25","tick_interval":"5","precision":"-1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

More information on the Export and Import Price Index can be found in International Trade Price Indexes, Australia. For information on household inflation, see Consumer Price Index, Australia.

Media notes

The International Trade Price Indexes contains indexes measuring changes in prices of merchandise landed in Australia (Import Price Index) and shipped from Australia (Export Price Index) each quarter.
When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
Access official, high-resolution images of Michelle Marquardt and other ABS media spokespeople from our new image library.
For media requests and interviews, contact the ABS Media Team via media@abs.gov.au (8.30am-5pm Mon-Fri).
Subscribe to our media release notification service to get notified of ABS media releases or publications upon their release.

APA

Citation

Export prices drop as global energy demand falls

APA

Citation

Media notes

Provide feedback