Australian Q4 2022 terms of trade
- Export price index fell 0.9% this quarter and rose 20.5% through the year.
- Import price index rose 1.8% this quarter and 14.9% through the year.
Some of the notes from the Australian Bureau of Statistics on the release, bolding is mine:
Export price index
The main contributors to the fall were:
- Coal, coke and briquettes (-7.8%), due to price falls for both thermal and metallurgical coal, as supply concerns for thermal coal eased and global steel demand remained low,
Metalliferous ores and metal scrap (-0.9%), due to weak Chinese iron ore demand stemming from COVID-19 restrictions and diminished economic growth,
Petroleum and petroleum products (-7.5%), driven by a fall in oil demand amidst global economic uncertainty,
The main offsetting contributors were:
- Cereals and cereal preparations (+8.1%), driven by continued strong demand and the depreciation of the Australian dollar,
Crude fertilisers and crude minerals (+11.6%), driven by price rises for lithium, as demand increased alongside electric vehicle sales, and
Gold , non-monetary (+4.3%), driven by market sentiment that inflation had peaked, and monetary policy expected to ease, which turned investors to gold.
AUD/USD update:
