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Prices for major exports fall for third consecutive quarter

Media Release

Released

31/10/2024

Source

International Trade Price Indexes, Australia, September 2024

Media Release

The Export Price Index fell 4.3 per cent in the September quarter 2024, and 6.8 per cent over the year, according to data released today by the Australian Bureau of Statistics (ABS).

Prices for Australia’s major export commodities fell for the third quarter in a row, with Coal, coke and briquettes dropping 8.9 per cent and Metalliferous ores and metal scrap down by 8.6 per cent.

Michelle Marquardt, ABS head of prices statistics, said: “A sluggish Chinese residential property market has continued to impact their domestic steel production. This has hindered demand for Australia’s iron ore and metallurgical coal, with Chinese inventories of both commodities rising during the quarter.”

Selected Export price indexes
Quarter	Crude fertilisers and minerals	Metalliferous ores and metal scrap	Coal, coke and briquettes	Gold, non-monetary
Sep-14	113.3	71.7	58.6	82.6
Dec-14	140.1	67.9	60.8	83.6
Mar-15	153.0	66.1	63.5	84.8
Jun-15	140.1	60.9	61.3	85.3
Sep-15	113.2	59.9	60.7	84.6
Dec-15	123.1	54.6	56.9	84.0
Mar-16	128.9	51.7	52.3	88.9
Jun-16	127.9	56.4	51.6	91.8
Sep-16	132.4	59.1	56.0	95.4
Dec-16	123.5	65.8	96.8	88.2
Mar-17	122.8	78.2	106.3	87.4
Jun-17	90.4	66.8	98.1	91.1
Sep-17	94.6	65.8	90.8	88.2
Dec-17	94.8	65.7	99.0	90.4
Mar-18	92.7	69.7	105.4	91.9
Jun-18	104.0	68.5	106.4	93.3
Sep-18	102.4	71.0	110.7	90.3
Dec-18	98.4	77.4	114.8	93.4
Mar-19	110.0	87.4	114.9	99.6
Jun-19	115.0	106.1	108.7	101.6
Sep-19	121.6	108.6	102.3	117.4
Dec-19	115.4	98.7	87.3	118.0
Mar-20	124.8	101.0	87.9	131.4
Jun-20	129.3	103.9	81.9	142.4
Sep-20	122.8	114.1	65.0	145.7
Dec-20	121.2	127.2	65.6	139.8
Mar-21	124.2	150.3	69.4	126.3
Jun-21	129.5	178.1	80.2	128.2
Sep-21	139.9	155.3	118.8	132.5
Dec-21	137.3	109.6	180.5	134.3
Mar-22	130.5	137.5	226.0	140.7
Jun-22	146.4	140.6	297.5	143.0
Sep-22	210.3	116.8	279.0	137.9
Dec-22	234.7	115.8	257.3	143.8
Mar-23	290.7	135.4	242.8	150.8
Jun-23	273.7	127.0	192.9	160.5
Sep-23	194.3	132.0	171.1	160.8
Dec-23	157.1	144.8	191.0	165.4
Mar-24	65.8	142.5	189.5	171.2
Jun-24	70.3	129.7	165.5	191.9
Sep-24	60.2	118.6	150.8	200.4

Selected Export price indexes

["Quarter","Crude fertilisers and minerals","Metalliferous ores and metal scrap","Coal, coke and briquettes","Gold, non-monetary"]

[["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","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24"],[[113.3],[140.09999999999999],[153],[140.09999999999999],[113.2],[123.09999999999999],[128.90000000000001],[127.90000000000001],[132.40000000000001],[123.5],[122.8],[90.400000000000006],[94.599999999999994],[94.799999999999997],[92.700000000000003],[104],[102.40000000000001],[98.400000000000006],[110],[115],[121.59999999999999],[115.40000000000001],[124.8],[129.30000000000001],[122.8],[121.2],[124.2],[129.5],[139.90000000000001],[137.30000000000001],[130.5],[146.40000000000001],[210.30000000000001],[234.69999999999999],[290.69999999999999],[273.69999999999999],[194.30000000000001],[157.09999999999999],[65.799999999999997],[70.299999999999997],[60.200000000000003]],[[71.700000000000003],[67.900000000000006],[66.099999999999994],[60.899999999999999],[59.899999999999999],[54.600000000000001],[51.700000000000003],[56.399999999999999],[59.100000000000001],[65.799999999999997],[78.200000000000003],[66.799999999999997],[65.799999999999997],[65.700000000000003],[69.700000000000003],[68.5],[71],[77.400000000000006],[87.400000000000006],[106.09999999999999],[108.59999999999999],[98.700000000000003],[101],[103.90000000000001],[114.09999999999999],[127.2],[150.30000000000001],[178.09999999999999],[155.30000000000001],[109.59999999999999],[137.5],[140.59999999999999],[116.8],[115.8],[135.40000000000001],[127],[132],[144.80000000000001],[142.5],[129.69999999999999],[118.59999999999999]],[[58.600000000000001],[60.799999999999997],[63.5],[61.299999999999997],[60.700000000000003],[56.899999999999999],[52.299999999999997],[51.600000000000001],[56],[96.799999999999997],[106.3],[98.099999999999994],[90.799999999999997],[99],[105.40000000000001],[106.40000000000001],[110.7],[114.8],[114.90000000000001],[108.7],[102.3],[87.299999999999997],[87.900000000000006],[81.900000000000006],[65],[65.599999999999994],[69.400000000000006],[80.200000000000003],[118.8],[180.5],[226],[297.5],[279],[257.30000000000001],[242.80000000000001],[192.90000000000001],[171.09999999999999],[191],[189.5],[165.5],[150.80000000000001]],[[82.599999999999994],[83.599999999999994],[84.799999999999997],[85.299999999999997],[84.599999999999994],[84],[88.900000000000006],[91.799999999999997],[95.400000000000006],[88.200000000000003],[87.400000000000006],[91.099999999999994],[88.200000000000003],[90.400000000000006],[91.900000000000006],[93.299999999999997],[90.299999999999997],[93.400000000000006],[99.599999999999994],[101.59999999999999],[117.40000000000001],[118],[131.40000000000001],[142.40000000000001],[145.69999999999999],[139.80000000000001],[126.3],[128.19999999999999],[132.5],[134.30000000000001],[140.69999999999999],[143],[137.90000000000001],[143.80000000000001],[150.80000000000001],[160.5],[160.80000000000001],[165.40000000000001],[171.19999999999999],[191.90000000000001],[200.40000000000001]]]

[]

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Prices for Crude fertilisers and minerals fell 14.4 per cent in the September quarter, and 69.0 per cent through the year. The main contributor to this category is lithium; there has been continued expansion of global production and increases in overall supply, leading to price falls.

Partly offsetting the price falls were rises in the price of gold. Gold, non-monetary, rose 4.4 per cent in the September quarter and 24.6 per cent over the year.

“Demand for gold rose over the year as central bank purchasing and ongoing economic uncertainty caused by global conflicts, drove prices to record high levels,” Ms Marquardt said.

“Market expectations of easing global monetary conditions also saw gold become a more attractive investment.”

The Import Price Index fell 1.4 per cent in the September quarter 2024 and 1.1 per cent over the year.

Selected Import price indexes
Quarter	Petroleum and petroleum products	Coffee, tea and cocoa	Gold, non-monetary
Sep-14	101.9	102.1	82.2
Dec-14	89.3	115.6	83.1
Mar-15	68.2	119	79.9
Jun-15	79	115.5	79.1
Sep-15	69.7	122	79.9
Dec-15	62.3	126	79.3
Mar-16	48.3	121.7	84.6
Jun-16	56.8	116.6	87.2
Sep-16	56.9	113	90.8
Dec-16	61.8	115.5	83.8
Mar-17	67.8	119.8	83
Jun-17	64.7	120.3	86.5
Sep-17	63.4	114.3	83.5
Dec-17	72.3	113.4	85.6
Mar-18	78.6	113	87.3
Jun-18	89.4	110.3	89
Sep-18	94	106.3	85.6
Dec-18	89.1	108.9	88.4
Mar-19	83	103.9	94.4
Jun-19	88.1	108.6	96.4
Sep-19	83.8	108	110.9
Dec-19	87	105.2	111.8
Mar-20	77.3	111.4	124.3
Jun-20	52.2	107.4	134.6
Sep-20	54.9	107.3	137.7
Dec-20	55.2	103.4	132.5
Mar-21	69.7	101.2	119.8
Jun-21	76.8	100.1	121.6
Sep-21	86.2	104.7	125.7
Dec-21	98.8	108.7	127.3
Mar-22	119	130.5	133.7
Jun-22	155.9	129.8	135.1
Sep-22	151.8	143.5	130.5
Dec-22	146.2	140	135.9
Mar-23	122	136.1	142.5
Jun-23	113.4	144.6	152.7
Sep-23	124.1	145.8	152
Dec-23	125.8	158.2	156.7
Mar-24	117.7	156	162.7
Jun-24	119	180.8	182.8
Sep-24	109.8	199.7	190.7

Selected Import price indexes

["Quarter","Petroleum and petroleum products","Coffee, tea and cocoa"," Gold, non-monetary"]

[["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","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24"],[[101.90000000000001],[89.299999999999997],[68.200000000000003],[79],[69.700000000000003],[62.299999999999997],[48.299999999999997],[56.799999999999997],[56.899999999999999],[61.799999999999997],[67.799999999999997],[64.700000000000003],[63.399999999999999],[72.299999999999997],[78.599999999999994],[89.400000000000006],[94],[89.099999999999994],[83],[88.099999999999994],[83.799999999999997],[87],[77.299999999999997],[52.200000000000003],[54.899999999999999],[55.200000000000003],[69.700000000000003],[76.799999999999997],[86.200000000000003],[98.799999999999997],[119],[155.90000000000001],[151.80000000000001],[146.19999999999999],[122],[113.40000000000001],[124.09999999999999],[125.8],[117.7],[119],[109.8]],[[102.09999999999999],[115.59999999999999],[119],[115.5],[122],[126],[121.7],[116.59999999999999],[113],[115.5],[119.8],[120.3],[114.3],[113.40000000000001],[113],[110.3],[106.3],[108.90000000000001],[103.90000000000001],[108.59999999999999],[108],[105.2],[111.40000000000001],[107.40000000000001],[107.3],[103.40000000000001],[101.2],[100.09999999999999],[104.7],[108.7],[130.5],[129.80000000000001],[143.5],[140],[136.09999999999999],[144.59999999999999],[145.80000000000001],[158.19999999999999],[156],[180.80000000000001],[199.69999999999999]],[[82.200000000000003],[83.099999999999994],[79.900000000000006],[79.099999999999994],[79.900000000000006],[79.299999999999997],[84.599999999999994],[87.200000000000003],[90.799999999999997],[83.799999999999997],[83],[86.5],[83.5],[85.599999999999994],[87.299999999999997],[89],[85.599999999999994],[88.400000000000006],[94.400000000000006],[96.400000000000006],[110.90000000000001],[111.8],[124.3],[134.59999999999999],[137.69999999999999],[132.5],[119.8],[121.59999999999999],[125.7],[127.3],[133.69999999999999],[135.09999999999999],[130.5],[135.90000000000001],[142.5],[152.69999999999999],[152],[156.69999999999999],[162.69999999999999],[182.80000000000001],[190.69999999999999]]]

[]

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The quarterly fall for import prices was driven by a 7.7 per cent fall in Petroleum and petroleum products.

“Despite upward pressure on prices from the conflict in the Middle East, crude oil prices fell due to strong production from non-OPEC+ nations in the Americas.”

As with export prices, this fall was partially offset by increases in the price of gold. Significant price rises were also seen for Coffee, tea and cocoa, which rose by 10.5 per cent for the quarter after global cocoa prices surged following the impact of crop disease and floods on West African production.

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.
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Prices for major exports fall for third consecutive quarter

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