Australia Export Prices

Australia's export prices fell by 0.9% on quarter in the three months to December 2022, following a 3.6% drop in the three months to September. This was the second straight decrease due to a global economic slowdown, lower commodity prices, and weak demand from China under Covid-19 restrictions. Main contributors to the decline were: coal, coke, and briquettes (-7.8%) because of price fall for both thermal and metallurgical coal; metalliferous ores and metal scrap (-0.9%) because of weak Chinese iron ore demand; petroleum and petroleum products (-7.5%) because of world's low oil demand; and meat and meat preparations (-3.0%). The decrease was partially offset by cereals and cereal preparations (+8.1%); crude fertilizers and crude minerals (+11.6%); and gold, non-monetary (+4.3%), on hopes inflation has peaked. Through the year to Q4, export prices advanced by 20.5%, easing from a 25.9% gain in Q3.