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Dairy prices drag down New Zealand terms of trade

Xinhua, March 1, 2016 Adjust font size:

Falling dairy prices in the quarter to the end of December 2015 dragged down New Zealand's terms of trade for the second quarter in a row, the government statistics agency said Tuesday.

The merchandise terms of trade fell 2 percent year on year in the December quarter, following a 3.8-percent fall in the September 2015 quarter, according to Statistics New Zealand.

The fall in the terms of trade -- meaning a drop in the imports-purchasing power of New Zealand exports -- was due to goods export prices falling more than import prices, said the agency.

Prices for exported goods fell 5.7 percent, led by dairy, down 13 percent, and meat, down 5.1 percent, while imported goods prices fell 3.7 percent, led by a 25-percent drop in petroleum products.

"Petroleum import values fell, driven by lower prices, with both at their lowest level since the March 2005 quarter," international business and performance senior manager Jason Attewell said in a statement.

"Falling world petroleum prices are pushing petroleum values down, while volumes have shown little change." Endit