2021.04.2901:45:00UTC+00Australia Export Prices Surge 11.2% On Quarter In Q1

Export prices in Australia jumped 11.2 percent on quarter in the first three months of 2021, the Australian Bureau of Statistics said on Thursday - after climbing 5.5 percent in the previous three months.

The main contributors to the rise were: metal ores and metal scrap (+18.2 percent), driven by the demand for iron ore from China and constrained global supply; gas, natural and manufactured (+20.2 percent), due to the oil-linked contracts capturing the recovery in oil prices from late 2020; and petroleum, petroleum products and related materials (+37.3 percent), driven by stronger oil demand and reduced global supply.

Import prices were up 0.2 percent on quarter after sinking 1.0 percent in the three months prior.

On a yearly basis, export prices gained 8.6 percent and import prices fell 6.2 percent as the exchange rate had a downward effect on prices.