Investor Presentaiton
Commodities: demand shifting, supply remains tight.
Terms of Trade at record high in 2Q22.
Australian commodity prices (index)
Economics
Terms of Trade (index)
2012-100
2012-100
index
320
Westpac f'casts
to Dec-23
520
140
Iron ore
270
Thermal coal
Met coal
Brent
470
Wool boom
420
120
1950/51
index
Westpac estimate 3Q22
67% above long run avg
140
120
370
220
320
100
100
170
270
Historic average
220
80
00
80
120
170
120
60
60
70
70
40
40
20
20
Dec-50
Dec-60
Dec-70 Dec-80
Dec-90 Dec-00
Dec-10
Dec-20
Oct-14
Oct-16
Oct-18
Oct-20
Oct-22
Sources: Westpac Economics, Bloomberg, ABS
Australian export composition1 ($bn)
Sources: ABS; Westpac Economics
Australian export destinations¹ ($bn)
Australian exports to China1 ($bn)
Mfg/Other,
50
Other, 45
Mfg/Other, 3
Rural, 13
Iron ore,
117
Rural, 43
NZ, 10
Europe, 12
Services, 16
US, 19
China,
145
Services,
71
Total
$435bn
Coal, 43
Asia, rest
of, 65
Other
resources, 75
LNG, 36
Korea,
23
Japan,
44
Goods exports
$363bn
Other
resources, 9
Total
$160bn
LNG, 10
Coal, 16
Iron ore, 93
Sources: ABS, Westpac Economics
Sources: ABS, Westpac Economics
1 All figures show $bn exports in 2020, note that figures may not sum due to rounding and other small differences in source data.
113
Westpac Group 2022 Full Year Results Presentation & Investor Discussion Pack
Source: DFAT, ABS, Westpac Economics
Westpac GROUPView entire presentation