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.
The material has been provided by InstaForex Company – www.instaforex.com