International Trade Price Indexes, Australia

The main contributors to the fall were:

• Metalliferous ores and metal scrap (-9.0%), as ongoing weakness in the Chinese construction sector drove lower demand for iron ore for steel manufacturing,
• Coal, coke and briquettes (-12.7%), driven by a fall in global demand for metallurgical coal, an input into steel manufacturing, and
• Gas, natural and manufactured (-7.8%), as oil indexed contracts reflect lower oil price levels from late 2023 and early 2024.

The main offsetting contributor was:

• Gold, non-monetary (+12.1%), as high gold demand from central banks, and ongoing economic uncertainty caused by global conflicts, drove gold prices to record high levels.

Through the year, the Export Price Index fell 5.7%. The main contributors were:

• Coal, coke and briquettes (-14.2%), and
• Crude fertilisers and minerals (-74.3%).

The main contributors to the rise were:

• Gold, non-monetary (+12.4%), as high gold demand from central banks, and ongoing economic uncertainty caused by global conflicts, drove gold prices to record high levels; and
• Petroleum, petroleum products and related materials (+1.1%), driven by increased demand in the US, and OPEC+ nations extending production cuts.

There were no significant offsetting contributors.

Through the year, the Import Price Index rose 1.1%. 

There was no main contributor to this rise with small through the year rises being seen across a number of Import Price indexes.

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.