International Trade Price Indexes, Australia

The main contributors to the rise were:

• Metalliferous ores and metal scrap (+9.7%), due to higher industrial activity in China, driving increased demand for Australian iron ore,
• Coal, coke and briquettes (+11.6%), as global demand rose for metallurgical coal for use in steelmaking. Tight supply, as disruptions impacted Australian production, put further upward pressure on prices,
• Gas, natural and manufactured (+3.2%), driven by the rise in oil prices in September quarter 2023 flowing through to oil-lagged contracts this quarter, and
• Gold, non-monetary (+2.9%), due to the expectation that central banks in major economies will begin cutting cash rates as inflation eases, reducing investor demand for interest bearing investments, and increasing demand for gold.

The main offsetting contributors were:

• Crude fertilisers and minerals (-19.1%), driven by surplus global supplies of lithium as production has increased in Australia, Chile, China, and Argentina. Chinese demand remains weak with battery manufacturers drawing down from high inventories, and
• Dairy products and eggs (-14.8%) driven by high global milk production, particularly from the United States and China, and weak global demand for dairy products.

Through the year, the Export Price Index fell 4.8%. The main contributors were:

• Coal, coke and briquettes (-25.8%), and
• Gas, natural and manufactured (-31.0%).

The main contributors to the rise were:

• Road vehicles (+2.7%), as price rises linked to previous manufacturing costs were passed through to importers, and
• Petroleum, petroleum products and related materials (+1.4%), driven by supply tightness and the conflict in the Middle East putting pressure on prices early in the quarter. While supply concerns eased and prices fell throughout the quarter, this effect was not strong enough to offset the early price rise.

The main offsetting contributor was:

• Telecommunications equipment (-2.9%) driven by price falls in older model mobile phones. The continued weakness of the Australian dollar provided a small offset to the price falls.

Through the year, the Import Price Index fell 3.1%. The main contributor was:

• Petroleum, petroleum products and related materials (-14.0%).

Import Price Index

Export Price Index

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Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).

Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.

This release previously used catalogue number 6457.0.