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%
AUD a few tics lower