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Australia’s Import Price Index fell by 1.9%.
The main contributors to the fall were:
◆Petroleum, petroleum products and related materials (-32.5%), due to continued high levels of production amid a collapse in global demand.
◆ Non-ferrous metals (-5.6%), reflecting the current weakened global demand.
◆ Coffee, tea, cocoa spices and manufactures thereof (-3.6%), driven by a drop in global demand amid COVID-19 food outlet shutdowns.
The main offsetting contributors were:
◆ Road vehicles (including air-cushion vehicles) (+2.0%), driven by a depreciation in the AUD exchange rate and pass through of price changes in supply chains.
◆ Gold, non-monetary (+8.3%), due to increased demand for the safe-haven commodity in an uncertain global market.
Australia’s Export Price Index fell by 2.4%.
The main contributors to the fall were:
◆ Petroleum, petroleum products and related materials (-46.6%), due to continued high levels of production amid a collapse in global demand.
◆ Coal, coke and briquettes (-6.8%), reflecting falling global demand for thermal and metallurgical coal.
◆ Gas, natural and manufactured (-7.2%), due to falls in crude oil prices in the March quarter 2020 flowing through to LNG contract prices.
◆ Non-ferrous metals (-7.9%), reflecting the current weakened global demand.
The main offsetting contributors were:
◆ Metalliferous ores and metal scrap (+2.9%), due to continued global demand for iron ore. In addition, there were global supply concerns due to the shutdown of some Brazilian mines following a COVID-19 outbreak.
◆ Gold, non-monetary (+8.4%), due to increased demand for the safe-haven commodity in an uncertain global market.
◆ Cereals and cereal preparations (+4.8%), as a result of continued demand for the staple food.
Through the year, the Import Price Index fell 1.9%.
The main contributors were:
◆ Petroleum, petroleum products and related materials (-40.7%).
◆ Inorganic chemicals (-21.7%).
Through the year, the Export Price Index fell 3.8%.
The main contributors were:
◆ Coal, coke and briquettes (-24.7%).
◆ Petroleum, petroleum products and related materials (-54.0%).
