Export and Import Price Indices for Q4 2018

The EPI fell by 2.1% from 98.6 in the third quarter of 2018 to 96.5 in the fourth quarter, mainly due to decreases in the prices of “Food and live animals” (-3.3%) and “Miscellaneous manufactured articles” (-1.7%).

Compared to price levels in the corresponding quarter of 2017, the index decreased by 2.5%. The decrease is mainly due to the lower prices of “Food and live animals” (-10.6%), partly mitigated by an increase in the prices of “Miscellaneous manufactured articles” (+3.6%).
Import Price Index (IPI)

The IPI decreased by 3.6% from 95.3 in the third quarter of 2018 to 91.9 in the fourth quarter. This is mostly explained by a decrease in the prices of “Mineral fuels, lubricants and related materials” (-8.9%), partly mitigated by an increase in the prices of “Miscellaneous manufactured articles” (+1.6%).

Compared to the corresponding quarter of 2017, the index rose by 0.8%, mainly as a result of increases in the prices of “Mineral fuels, lubricants and related materials” (+14.3%), “Crude materials, inedible, except fuels” (+9.3%) and “Manufactured goods classified chiefly by material” (+3.4%), partly offset by a decrease in the prices of “Food and Live animals” (-13.1%).

Terms of Trade Index
The terms of trade index, i.e. the ratio of Export Price Index to Import Price Index, increased by 1.6 points (+1.5%) from 103.4 in the third quarter of 2018 to 105.0 in the fourth quarter. Compared to the corresponding quarter of 2017, the terms of trade decreased by 3.6 points (-3.3%).