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Financial News: New Zealand Q1 Terms Of Trade Surge 5.1%

New Zealand Q1 Terms Of Trade Surge 5.1%

05/31/2017 - 19:15:00 (RTTNews)

(RTTNews) - New Zealand's terms of trade climbed 5.1 percent on quarter in the first three months of 2017, Statistics New Zealand said on Thursday - marking the highest reading since 1973.

The headline figure beat forecasts for an increase of 3.9 percent following the 5.7 percent gain in the three months prior.

Terms of trade is a measure of the purchasing power of New Zealand's exports abroad.

"The current high in the terms of trade is a result of a strong upwards trend in the terms of trade since 2000," business prices manager Sarah Williams said.

Export prices for goods rose 8.0 percent, while import prices for goods rose 2.7 percent.

Export volumes fell a seasonally adjusted 4.2 percent, while import volumes rose 1.2 percent.

Export dairy prices rose 18 percent, following a 14 percent rise in the December 2016 quarter. Despite these two large increases, dairy prices remain 21 percent lower than the recent high in the March 2014 quarter.

Export values added 3.4 percent to NZ$11.8 billion, while import values jumped 6.2 percent to NZ$13.2 billion.

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