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

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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