New Zealand terms of trade for Q3: -4.4% q/q

  • -4.5% expected
  • +0.3% prior
  • First drop in the ToT since Q4 2012
  • Dairy prices lower by 11%
  • Even excluding dairy, export prices down 0.9%
  • New Zealand Q3 seasonally adjusted export volumes -0.1 % q/q (Reuters ‘expected’ from poll +0.5 pct)
  • New Zealand Q3 seasonally adjusted import prices -0.1 % q/q (Reuters ‘expected’ from poll -0.8 pct)
  • New Zealand Q3 seasonally adjusted export prices -4.5 % q/q (Reuters ‘expected’ from poll -4.6 pct)

Already from NZ this morning: RBNZ’s Wheeler: Says inflation targeting remains appropriate

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NZD not much of a response to the data