International Trade Price Indexes, Australia

The main contributors to the fall were:

• Coal, coke and briquettes (-20.6%), driven by lower demand for both thermal and metallurgical coal due to the rapid easing of global supply constraints amid falling demand,
• Gas, natural and manufactured (-20.9%), driven by price falls in oil-linked contract and high European inventories placing further downward pressure on spot prices,
• Metalliferous ores and metal scrap (-6.2%), due to a decrease in iron ore demand from China, as growth in their manufacturing and construction slowed, and
• Crude fertilisers and minerals (-5.8%), driven by a fall in lithium prices, with long term contracts reflecting the cessation of subsidies on electric vehicles by the Chinese government in early 2023.

The main offsetting contributors were:

• Gold, non-monetary (+6.4%), driven by stronger demand for the safe haven asset amidst ongoing geopolitical and economic uncertainty,
• Sugars and Honey (+19.1%), driven by adverse weather conditions impacting production in major sugar producing nations, creating a surge in demand for Australian sugar, and
• Meat and meat preparations (+3.8%), driven by a small uptick in demand from the lows of March quarter, alongside a depreciating Australian Dollar.

Through the year, the Export Price Index fell 11.2%. The main contributors were:

• Coal, coke and briquettes (-35.2%), and
• Metalliferous ores and metal scrap (-9.7%).

The main contributors to the fall were:

• Petroleum, petroleum products and related materials (-7.0%), driven by global recession fears leading to a demand side contraction for oil,
• Fertiliser (excluding crude fertilisers) (-16.4%), driven by falling prices for natural gas and ammonia, which are key inputs to production, and
• Chemical materials and products (-8.2%) driven by falling global insecticide and herbicide prices, as supply chains normalise and input costs moderate.

The main offsetting contributors were:

• Specialised machinery (+5.6%), driven by annual price reviews reflecting strong inflationary pressures and increased input costs through 2022. This was further supported by a depreciating Australian dollar, and
• Gold, non-monetary (+7.2%), driven by stronger demand for the safe haven asset amidst ongoing geopolitical and global economic uncertainty.

Through the year, the Import Price Index fell 0.3%. The main contributor was:

• Petroleum, petroleum products and related materials (-27.3%).

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.