NZ Q2 export prices higher, while lower crude import prices have weighed on the import side of the equation
Terms of trade index up 1.5% q/q for a miss on expectations
- expected +3.0% q/q, prior +3.9%, revised down from
+6.4%+5.1%
More:
- Export prices up 2.4% q/q (up but lower than expected)
- Import prices +0.9% q/q (higher than expected)
- Export volumes up 6.8% q/q
- Import volumes +2.3% q/q
Via Stats NZ:
- The rise in export prices was largely due to higher meat and dairy prices
- The import price increase reflects higher prices for products including machinery and cars, and was partly offset by lower prices for crude oil imports.
The all time high for the New Zealand terms of trade index was back in Q2 of 1973, the result today has the ToT just shy of that record
NZD had a small wiggle of a few points but is little net changed after the data.
