Export prices fall on weak demand - ABS

The news: Australian export prices are falling due to weaker demand while imports have become more expensive as oil prices rise, according to ABS figures.

The numbers: The export price index fell 3.1% in the September quarter, led by a 7.1% decline in rural export prices, which are down 16.8% annually. Export prices for coal, coke and briquettes also fell by 11.3%, ABS said. The import price index rose 0.8% in the September quarter 2023 but is 2.4% lower in annual terms.

The context: The annual fall in rural export prices was the largest recorded since 2009's December quarter, as good seasonal conditions outside of Australia drove down demand for Australian grain, oilseeds and meat.

What they said: “Petroleum and petroleum products were the key driver of the rise in import prices this quarter, up 9.4 per cent, as production cuts from major oil-producing nations drove global prices upward," ABS price statistics head Michelle Marquardt said in a statement.