The Export Price Index fell 4.3 per cent in the September quarter 2024, and 6.8 per cent over the year, according to data released today by the Australian Bureau of Statistics (ABS).
Prices for Australia's major export commodities fell for the third quarter in a row, with Coal, coke and briquettes dropping 8.9 per cent and Metalliferous ores and metal scrap down by 8.6 per cent.
Michelle Marquardt, ABS head of prices statistics, said: "A sluggish Chinese residential property market has continued to impact their domestic steel production. This has hindered demand for Australia's iron ore and metallurgical coal, with Chinese inventories of both commodities rising during the quarter."
| Quarter | Crude fertilisers and minerals | Metalliferous ores and metal scrap | Coal, coke and briquettes | Gold, non-monetary |
|---|---|---|---|---|
| Sep-14 | 113.3 | 71.7 | 58.6 | 82.6 |
| Dec-14 | 140.1 | 67.9 | 60.8 | 83.6 |
| Mar-15 | 153.0 | 66.1 | 63.5 | 84.8 |
| Jun-15 | 140.1 | 60.9 | 61.3 | 85.3 |
| Sep-15 | 113.2 | 59.9 | 60.7 | 84.6 |
| Dec-15 | 123.1 | 54.6 | 56.9 | 84.0 |
| Mar-16 | 128.9 | 51.7 | 52.3 | 88.9 |
| Jun-16 | 127.9 | 56.4 | 51.6 | 91.8 |
| Sep-16 | 132.4 | 59.1 | 56.0 | 95.4 |
| Dec-16 | 123.5 | 65.8 | 96.8 | 88.2 |
| Mar-17 | 122.8 | 78.2 | 106.3 | 87.4 |
| Jun-17 | 90.4 | 66.8 | 98.1 | 91.1 |
| Sep-17 | 94.6 | 65.8 | 90.8 | 88.2 |
| Dec-17 | 94.8 | 65.7 | 99.0 | 90.4 |
| Mar-18 | 92.7 | 69.7 | 105.4 | 91.9 |
| Jun-18 | 104.0 | 68.5 | 106.4 | 93.3 |
| Sep-18 | 102.4 | 71.0 | 110.7 | 90.3 |
| Dec-18 | 98.4 | 77.4 | 114.8 | 93.4 |
| Mar-19 | 110.0 | 87.4 | 114.9 | 99.6 |
| Jun-19 | 115.0 | 106.1 | 108.7 | 101.6 |
| Sep-19 | 121.6 | 108.6 | 102.3 | 117.4 |
| Dec-19 | 115.4 | 98.7 | 87.3 | 118.0 |
| Mar-20 | 124.8 | 101.0 | 87.9 | 131.4 |
| Jun-20 | 129.3 | 103.9 | 81.9 | 142.4 |
| Sep-20 | 122.8 | 114.1 | 65.0 | 145.7 |
| Dec-20 | 121.2 | 127.2 | 65.6 | 139.8 |
| Mar-21 | 124.2 | 150.3 | 69.4 | 126.3 |
| Jun-21 | 129.5 | 178.1 | 80.2 | 128.2 |
| Sep-21 | 139.9 | 155.3 | 118.8 | 132.5 |
| Dec-21 | 137.3 | 109.6 | 180.5 | 134.3 |
| Mar-22 | 130.5 | 137.5 | 226.0 | 140.7 |
| Jun-22 | 146.4 | 140.6 | 297.5 | 143.0 |
| Sep-22 | 210.3 | 116.8 | 279.0 | 137.9 |
| Dec-22 | 234.7 | 115.8 | 257.3 | 143.8 |
| Mar-23 | 290.7 | 135.4 | 242.8 | 150.8 |
| Jun-23 | 273.7 | 127.0 | 192.9 | 160.5 |
| Sep-23 | 194.3 | 132.0 | 171.1 | 160.8 |
| Dec-23 | 157.1 | 144.8 | 191.0 | 165.4 |
| Mar-24 | 65.8 | 142.5 | 189.5 | 171.2 |
| Jun-24 | 70.3 | 129.7 | 165.5 | 191.9 |
| Sep-24 | 60.2 | 118.6 | 150.8 | 200.4 |
Prices for Crude fertilisers and minerals fell 14.4 per cent in the September quarter, and 69.0 per cent through the year. The main contributor to this category is lithium; there has been continued expansion of global production and increases in overall supply, leading to price falls.
Partly offsetting the price falls were rises in the price of gold. Gold, non-monetary, rose 4.4 per cent in the September quarter and 24.6 per cent over the year.
"Demand for gold rose over the year as central bank purchasing and ongoing economic uncertainty caused by global conflicts, drove prices to record high levels," Ms Marquardt said.
"Market expectations of easing global monetary conditions also saw gold become a more attractive investment."
The Import Price Index fell 1.4 per cent in the September quarter 2024 and 1.1 per cent over the year.
| Quarter | Petroleum and petroleum products | Coffee, tea and cocoa | Gold, non-monetary |
|---|---|---|---|
| Sep-14 | 101.9 | 102.1 | 82.2 |
| Dec-14 | 89.3 | 115.6 | 83.1 |
| Mar-15 | 68.2 | 119 | 79.9 |
| Jun-15 | 79 | 115.5 | 79.1 |
| Sep-15 | 69.7 | 122 | 79.9 |
| Dec-15 | 62.3 | 126 | 79.3 |
| Mar-16 | 48.3 | 121.7 | 84.6 |
| Jun-16 | 56.8 | 116.6 | 87.2 |
| Sep-16 | 56.9 | 113 | 90.8 |
| Dec-16 | 61.8 | 115.5 | 83.8 |
| Mar-17 | 67.8 | 119.8 | 83 |
| Jun-17 | 64.7 | 120.3 | 86.5 |
| Sep-17 | 63.4 | 114.3 | 83.5 |
| Dec-17 | 72.3 | 113.4 | 85.6 |
| Mar-18 | 78.6 | 113 | 87.3 |
| Jun-18 | 89.4 | 110.3 | 89 |
| Sep-18 | 94 | 106.3 | 85.6 |
| Dec-18 | 89.1 | 108.9 | 88.4 |
| Mar-19 | 83 | 103.9 | 94.4 |
| Jun-19 | 88.1 | 108.6 | 96.4 |
| Sep-19 | 83.8 | 108 | 110.9 |
| Dec-19 | 87 | 105.2 | 111.8 |
| Mar-20 | 77.3 | 111.4 | 124.3 |
| Jun-20 | 52.2 | 107.4 | 134.6 |
| Sep-20 | 54.9 | 107.3 | 137.7 |
| Dec-20 | 55.2 | 103.4 | 132.5 |
| Mar-21 | 69.7 | 101.2 | 119.8 |
| Jun-21 | 76.8 | 100.1 | 121.6 |
| Sep-21 | 86.2 | 104.7 | 125.7 |
| Dec-21 | 98.8 | 108.7 | 127.3 |
| Mar-22 | 119 | 130.5 | 133.7 |
| Jun-22 | 155.9 | 129.8 | 135.1 |
| Sep-22 | 151.8 | 143.5 | 130.5 |
| Dec-22 | 146.2 | 140 | 135.9 |
| Mar-23 | 122 | 136.1 | 142.5 |
| Jun-23 | 113.4 | 144.6 | 152.7 |
| Sep-23 | 124.1 | 145.8 | 152 |
| Dec-23 | 125.8 | 158.2 | 156.7 |
| Mar-24 | 117.7 | 156 | 162.7 |
| Jun-24 | 119 | 180.8 | 182.8 |
| Sep-24 | 109.8 | 199.7 | 190.7 |
The quarterly fall for import prices was driven by a 7.7 per cent fall in Petroleum and petroleum products.
"Despite upward pressure on prices from the conflict in the Middle East, crude oil prices fell due to strong production from non-OPEC+ nations in the Americas."
As with export prices, this fall was partially offset by increases in the price of gold. Significant price rises were also seen for Coffee, tea and cocoa, which rose by 10.5 per cent for the quarter after global cocoa prices surged following the impact of crop disease and floods on West African production.
