New Zealand Q4 terms of trade: +0.8% q/q (vs. expected +0.5%)

The previous quarter's result was a move for the ToT to a new record high on strong commodity export prices and lower import prices

This Q4 data sets another fresh record high ... New Zealand Q4 terms of trade +0.8% q/q

• expected +0.5%, prior +0.7%

Export prices up 4.9% q/q

• Import prices +4.0% q/q

For results over the year:

Q4 terms of trade +5.8% y/y

• Export prices +4.9% y/y
• Import prices -0.9% y/y

NZD a few tics higher