New Zealand Q2 Terms Of Trade Gain 0.3%
01 September 2014 - 9:24AM
RTTF1
New Zealand's terms of trade added 0.3 percent in the second
quarter compared to the previous three months, Statistics New
Zealand said on Monday.
That follows the 1.8 percent gain in the first quarter.
"This is the lowest of six consecutive quarterly rises for the
terms of trade, which is now 1.3 percent below its all-time high in
the June 1973 quarter," international statistics manager Jason
Attewell said.
Export volumes fell a seasonally adjusted 5.3 percent, the data
showed, while import volumes added 3.6 percent.
Seasonally adjusted meat export volumes fell 8.3 percent,
forestry volumes fell 8.3 percent, and dairy volumes fell 2.0
percent.
"Export volumes recorded their largest fall since the March 2008
quarter," Attewell said. "This was due to falls from high levels in
key primary products."
Seasonally adjusted import volumes rose 3.6 percent, continuing
a series of rises that began at the start of 2013. Capital goods
led the rise this quarter, the bureau said, accompanied by rises in
other key import groupings.
The trend for import volumes has been rising for seven
consecutive quarters - by a total of 19 percent.
A strengthening New Zealand dollar had a downward influence on
import and export prices. The price of exported goods fell 2.0
percent, with dairy prices falling 4.3 percent and forestry product
prices falling 6.5 percent (influenced by a large fall in log
prices).
Prices for imported goods fell 2.3 percent. The fall was broad
based. Petroleum and petroleum products (down 3.9 percent, due to
lower prices for crude oil) contributed the most to the overall
fall.