New Zealand terms of trade index for Q3 comes in at a miss, down 3.7% on the quarter

  • expected -2.6%, prior was +1.3%
  • Q3 s/adj export volumes +3.7%q/q (expected +3.7%)
  • S/adj import prices +7.3% q/q (expected +5.4 %)
  • S/adj export prices +3.4% q/q (expected +3.0%)
  • Prices for imported goods rose 7.3%, largest increase in seven years
  • Exported goods prices rose 3.4 percent

Says StatsNZ:

  • "The New Zealand dollar fell 8.4 percent - its largest quarterly fall in nearly seven years," prices senior manager Chris Pike said. "This pushed up both import and export prices."

NZD down a little after the data: