Australian Q4 export prices -0.9% q/q (prior -3.6%) & import prices +1.8% (prior 3.0%)

Australian Q4 2022 terms of trade

• Export price index fell 0.9% this quarter and rose 20.5% through the year.
• Import price index rose 1.8% this quarter and 14.9% through the year.

Some of the notes from the Australian Bureau of Statistics on the release, bolding is mine:

Export price index

The main contributors to the fall were:

• Coal, coke and briquettes (-7.8%), due to price falls for both thermal and metallurgical coal, as supply concerns for thermal coal eased and global steel demand remained low,
  Metalliferous ores and metal scrap (-0.9%), due to weak Chinese iron ore demand stemming from COVID-19 restrictions and diminished economic growth,
  Petroleum and petroleum products (-7.5%), driven by a fall in oil demand amidst global economic uncertainty,

The main offsetting contributors were:

• Cereals and cereal preparations (+8.1%), driven by continued strong demand and the depreciation of the Australian dollar,
  Crude fertilisers and crude minerals (+11.6%), driven by price rises for lithium, as demand increased alongside electric vehicle sales, and
  Gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term, non-monetary (+4.3%), driven by market sentiment that inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term had peaked, and monetary policy expected to ease, which turned investors to gold.

AUD/USD update: