Australia: Export prices -3.6% q/q (prior +10.1%) & Import prices +3.0% q/q (+4.3%)

Terms of trade data from Australia via the export and import price indexes for Q3 2022

Export Prices -3.6% q/q (first fall in 2 years for this)

• expected -7%, previous +10.1%
• for the y/y +25.9%

From the Australian Bureau of Statistics:

On the Export price index, the main contributors to the fall were:

• Metalliferous ores and metal scrap (-16.9%), driven by a fall in demand for iron ore from China,
  Coal, coke and briquettes (-6.2%), due to a fall in the price of metallurgical coal as global steel demand weakens, and
  Non-ferrous metals (-12.7%), driven by a fall in manufacturing demand as renewed COVID-19 lockdowns in China slow economic activity.

The main offsetting contributors were:

• Gas, natural and manufactured (+34.9%), due to the price rise in oil-linked contracts and surging global demand, particularly in Europe, and
  Crude fertilisers and crude minerals (+43.6%), driven by price rises for lithium, with demand increasing alongside electric vehicle sales.

Import Prices +3.0% q/q

• expected +0.9%, previous 4.3%
• for the y/y +19.3%

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AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term a few tics lower