International Trade Price Indexes, Australia

The main contributors to the rise were:

• Metalliferous ores and metal scrap (+18.5%), driven by the demand for iron ore from China and constrained global supply.
• Coal, coke and briquettes (+15.6%), reflecting the demand for thermal coal for household power production in Asia.
• Gas, natural and manufactured (+14.6%), due to the oil-linked contracts capturing the continued rise in oil prices in early 2021.
• Petroleum, petroleum products and related materials (+12.0%), driven by stronger oil demand and reduced global supply.
• Meat and meat preparations (+10.1%), due to constrained global meat supply driving price rises across both beef and lamb.

Through the year, the Export Price Index rose 26.0%. The main contributor was:

• Metalliferous ores and metal scrap (+71.4%).

The main contributors to the rise were:

• Petroleum, petroleum products and related materials (+10.2%), driven by stronger oil demand and reduced global supply.
• Fertilisers (excluding crude) (+18.3%), driven by strong global and domestic demand amid favourable planting conditions.
• Iron and steel (+11.8%) due to global construction demand outpacing supply.
• Non-ferrous metals (+8.9%), driven by strong demand in both manufacturing and construction globally.
• Plastic in primary form (+12.8%), driven strong demand and constrained supply.

The main offsetting contributor was:

• Telecommunications and sound recording equipment (-2.9%), due to the discounting of older model mobile phones.

Through the year, the Import Price Index fell 2.5%. The main contributors were:

• Telecommunications and sound recording equipment (-12.5%),
• Office machines and ADP machines (-15.9%), and
• General industrial machinery and equipment (-8.5%).

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.