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Lower Export Prices Reflect Lower Demand For Commodities

AUSTRALIA DATA

Australian Q3 export prices fell a less-than-expected 3.6% q/q due to lower demand for the country’s main commodity exports, as reported by the ABS. Import prices rose 3.0% q/q helped by the weaker AUD and higher input costs, which was higher than expected but down on Q2.

  • Export prices fell in Q3 as Chinese demand for iron ore and non-ferrous metals fell. This pushed the prices of metalliferous ores and metal scrap down 16.9% and non-ferrous metals by 12.7%. Prices for coal, coke and briquettes fell 6.2%, as global steel demand weakened. Gas prices (+34.9%) and crude fertilisers & minerals (+43.6%) worked in the other direction due to increased demand for natural gas and lithium.
  • The main contributors to the rise in import prices were electrical machinery (+5.1%), inorganic chemicals (+30.1%), clothing (+6.8%) and plastics (+28.6%). Petroleum and product prices fell 2.6%.

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