Australian export and import prices rose more than expected

The Import Price Index rose 1.2% in the March quarter 2017. This follows the rise in the December quarter 2016 of 0.2%.

The rise was driven by higher prices received for Mineral fuels, lubricants, and related materials (+9.2%) and Chemical and related products, n.e.s. (+1.9%). Offsetting these price rises were falls in Machinery and transport equipment (-0.9%) and Commodities and transactions, n.e.s. (e.g. non-monetary gold) (-1.0%).

Through the year to the March quarter 2017, the Import Price Index fell 0.6%, driven by Machinery and transport equipment (-4.8%).

The Export Price Index rose 9.4% in the March quarter 2017. This follows the rise in the December quarter 2016 of 12.4%, which was the largest rise since June quarter 2010.

The rise was driven by higher prices received for Crude materials, inedible, except fuels (+17.1%) and Mineral fuels, lubricants, and related materials (+11.0%). Offsetting these price rises was a fall in Food and live animals (-0.4%).

Through the year to the March quarter 2017, the Export Price Index rose 29.1%. The largest annual rise in the index since March quarter 2009.