New Zealand terms of trade for Q3 -4.7% q/q (expected -3.8%)

NZ data, terms of trade for Q3 -4.7% q/q

• expected -3.8%, prior 2.5% q/q

Export prices -8.3%, import price -3.7% q/q

• exports volumes +5.6% q/q, import volumes +6.5% q/q

This is the biggest drop for the ToT since 2009. NZD barely changed.