The Export Price Index fell 2.1 per cent in the March quarter 2024, and fell 8.3 per cent over the year, according to data released today by the Australian Bureau of Statistics (ABS).
| Export price index (%) | Rural goods (%) | Non-rural goods (excluding non-monetary gold) (%) | |
|---|---|---|---|
| Mar-18 | -1.4 | 5.1 | -2.9 |
| Jun-18 | 6.6 | 6.0 | 7.2 |
| Sep-18 | 14.0 | 11.2 | 15.6 |
| Dec-18 | 15.7 | 10.8 | 17.7 |
| Mar-19 | 15.3 | 9.6 | 16.9 |
| Jun-19 | 17.4 | 6.9 | 20.0 |
| Sep-19 | 14.7 | 2.5 | 15.8 |
| Dec-19 | 4.1 | 4.4 | 2.5 |
| Mar-20 | 2.3 | 5.7 | -0.5 |
| Jun-20 | -3.8 | 3.9 | -8.1 |
| Sep-20 | -9.9 | -2.5 | -13.7 |
| Dec-20 | 0.3 | -4.4 | -0.7 |
| Mar-21 | 8.6 | -7.5 | 11.6 |
| Jun-21 | 26.0 | 0.1 | 32.8 |
| Sep-21 | 41.0 | 16.1 | 49.1 |
| Dec-21 | 38.3 | 19.5 | 44.5 |
| Mar-22 | 42.6 | 25.8 | 47.4 |
| Jun-22 | 38.7 | 20.2 | 43.4 |
| Sep-22 | 25.9 | 17.4 | 28.5 |
| Dec-22 | 20.5 | 14.8 | 22.2 |
| Mar-23 | 6.9 | -0.4 | 7.8 |
| Jun-23 | -11.2 | -5.5 | -13.3 |
| Sep-23 | -10.7 | -16.8 | -11.4 |
| Dec-23 | -4.8 | -18.4 | -4.1 |
| Mar-24 | -8.3 | -10.1 | -9.4 |
Driving the quarterly fall, were prices for Australia's resources. Non-rural exports fell 2.7 per cent in the March quarter 2024 and 9.4 per cent through the year. This included a 58.1 per cent fall in the price of crude fertilisers. Within this category is lithium, which had unprecedented falls in price.
Michelle Marquardt, ABS head of prices statistics, said: "Lithium prices fell this quarter, driven by excess global supply. Investment in global lithium production was driven by the high prices of 2022 and the forecasts for growth in electric vehicle sales.
"This led to a more than 40 per cent annual increase in global lithium output in 2023. Prices have been driven down by slower than expected electric vehicle adoption. This reduced lithium demand, as battery manufacturers draw down on record high inventories."
As well as the large fall in lithium prices, there were smaller price falls for other major resource exports, including Metalliferous ores and metal scrap (-1.6 per cent), Coal, coke and briquettes (-0.8 per cent) and Gas, natural and manufactured (-1.0 per cent).
Partly offsetting the price falls in non-rural exports was a rise in rural export prices, up 0.4 per cent for the quarter. This follows four consecutive quarterly falls. Through the year to the March quarter 2024, prices fell 10.1 per cent, up from an 18.4 per cent annual fall to the December quarter 2023.
"Meat and meat preparations drove the rise in rural exports this quarter as global demand for meat remains strong, including increased demand out of the United States as they continue to experience supply shortages," Ms Marquardt said.
The Import Price Index fell 1.8 per cent in the March quarter 2024 and fell 0.7 per cent through the year. Driving the quarterly fall was Petroleum and petroleum products (-6.4 per cent).
| Import price index (%) | Intermediate goods (excluding-non-monetary gold) (%) | Consumption goods (%) | Capital goods (%) | |
|---|---|---|---|---|
| Mar-18 | 2.6 | 7.0 | -0.5 | -0.9 |
| Jun-18 | 6.0 | 14.2 | 0.4 | -0.2 |
| Sep-18 | 9.8 | 18.8 | 3.6 | 3.6 |
| Dec-18 | 7.8 | 14.2 | 3.6 | 3.3 |
| Mar-19 | 5.2 | 7.0 | 3.3 | 4.0 |
| Jun-19 | 2.8 | 2.3 | 2.9 | 3.2 |
| Sep-19 | 1.2 | -1.9 | 2.3 | 3.5 |
| Dec-19 | 1.4 | -0.8 | 2.1 | 2.5 |
| Mar-20 | 0.9 | -2.4 | 2.5 | 2.2 |
| Jun-20 | -1.9 | -11.5 | 3.9 | 4.1 |
| Sep-20 | -5.7 | -12.4 | -0.9 | -3.3 |
| Dec-20 | -7.3 | -14.6 | -2.3 | -3.5 |
| Mar-21 | -6.2 | -7.6 | -4.4 | -6.7 |
| Jun-21 | -2.5 | 5.6 | -6.6 | -9.0 |
| Sep-21 | 6.4 | 17.2 | 1.2 | -1.2 |
| Dec-21 | 13.8 | 30.3 | 5.3 | 1.9 |
| Mar-22 | 19.3 | 36.3 | 9.7 | 6.4 |
| Jun-22 | 22.1 | 43.0 | 8.4 | 8.1 |
| Sep-22 | 19.3 | 34.2 | 9.4 | 8.9 |
| Dec-22 | 14.9 | 22.6 | 9.1 | 10.0 |
| Mar-23 | 4.7 | 3.6 | 4.5 | 8.2 |
| Jun-23 | -0.3 | -9.0 | 6.5 | 9.4 |
| Sep-23 | -2.4 | -8.9 | 1.4 | 6.1 |
| Dec-23 | -3.1 | -8.3 | 0.6 | 2.1 |
| Mar-24 | -0.7 | -3.4 | 1.1 | 1.3 |
"Despite OPEC+ nations extending supply cuts helping to push oil prices upward from January, prices have not returned to the levels seen in the December quarter 2023. Overall, this led to a quarterly fall in prices for imported petroleum," Ms Marquardt said.
Weak consumer demand alongside an appreciating Australian dollar led to price falls for a range of imported Consumption goods (-1.6 per cent), including medicinal products, household electrical items and clothing and footwear.
The appreciating Australian dollar also contributed to lower prices for Capital goods, falling 0.7 per cent this quarter. However, the fall was largely offset by price rises in telecommunications equipment and industrial transport equipment.
"Import prices for new models of mobile phones and commercial vehicles were significantly higher in the March quarter 2024, limiting the price fall on capital goods driven by the appreciating Australian dollar," Ms Marquardt said.
