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Financial News: Australia Export Prices Climb 5.6% In Q4

Australia Export Prices Climb 5.6% In Q4

01/31/2024 - 21:15:00 (RTTNews)

(RTTNews) - Export prices in Australia rose 5.6 percent on quarter in the fourth quarter of 2023, the Australian Bureau of Statistics said on Thursday - after slipping 3.1 percent in the previous quarter. The main contributors to the rise were: . Metalliferous ores and metal scrap (+9.7 percent), due to higher industrial activity in China, driving increased demand for Australian iron ore, . Coal, coke and briquettes (+11.6 percent), as global demand rose for metallurgical coal for use in steelmaking. Tight supply, as disruptions impacted Australian production, put further upward pressure on prices, . Gas, natural and manufactured (+3.2 percent), driven by the rise in oil prices in September quarter 2023 flowing through to oil-lagged contracts this quarter, and . Gold, non-monetary (+2.9 percent), due to the expectation that central banks in major economies will begin cutting cash rates as inflation eases, reducing investor demand for interest bearing investments, and increasing demand for gold.

Import prices rose 1.1 percent on quarter after adding 0.8 percent in Q3.

On a yearly basis, export prices were down 4.8 percent and import prices fell 3.1 percent.

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