New Zealand's terms of trade increased 1.9 percent on quarter in the three months to September 2019, following a 1.4 percent rise in the prior period and beating market expectations of a 0.7 percent gain. Export prices went up 1.9 percent to its highest in over 10 years (vs 3.2 percent in Q2), as cost of meat advanced 4.8 percent boosted by lamb (6 percent) and beef (5.4 percent), which hit their highest level on record. Also, prices rose at a faster pace for dairy product (8.9 percent), namely milk powder (9.6 percent), butter (7.3 percent), and cheese (6.2 percent). Meantime, import prices were flat (vs 2.4 percent in Q2), as a fall in fuel import prices (-1.1 percent) and non-fuel crude materials (-3.3 percent) was offset by an increase in cost of food and beverages (0.1 percent) and textiles, clothing and footwear (3.1 percent). Year-on-year, terms of trade dropped 2.3 percent in the third quarter of 2019, as exports increased 3.6 percent and imports advanced at a faster 6 percent. Terms of Trade in New Zealand averaged 1073.32 Index Points from 1957 until 2019, reaching an all time high of 1472 Index Points in the fourth quarter of 2017 and a record low of 796 Index Points in the fourth quarter of 1975. source: Statistics New Zealand

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New Zealand Terms of Trade

Actual Previous Highest Lowest Dates Unit Frequency
1462.00 1435.00 1472.00 796.00 1957 - 2019 points Quarterly
NSA, 2002Q2=1000



Calendar GMT Actual Previous Consensus TEForecast
2019-02-28 09:45 PM Q4 -3% -0.1% -1% -0.9%
2019-06-03 10:45 PM Q1 1% -3.2% 1%
2019-09-01 10:45 PM Q2 1.6% 1% 1% 1%
2019-12-01 09:45 PM Q3 1.9% 1.4% 0.7% 0.9%
2020-03-01 09:45 PM Q4 1.9%


News Stream
2019-09-01
New Zealand Terms of Trade Rise in Q2
New Zealand's terms of trade rose 1.6 percent on quarter in the three months to June 2019, following a 1 percent gain in the previous period and beating market expectations of 1 percent. Export prices increased 3.4 percent (vs -2.6 percent in Q1), boosted mainly by lamb (up 4.7 percent to a record high) and beef (up 5.3 percent). In addition, dairy product prices grew 11 percent, with prices for milk powder up 11 percent, butter up 13 percent, and cheese up 3.1 percent. Meanwhile, import prices advanced 1.8 percent (vs -3.5 percent in Q1) as fuel import prices rose 13 percent, reflecting higher prices for crude oil (up 17 percent), petrol (up 12 percent), and diesel (up 3.6 percent). Year-on-year, terms of trade fell 0.8 percent in the second quarter, easing from a 2 percent drop in the previous period, as export prices were up 2.4 percent and import prices increased 3.3 percent.

2019-06-03
New Zealand Terms of Trade Rebound in Q1
The terms of trade in New Zealand rose 1.0 percent on quarter in the first three months of 2019, rebounding from an upwardly revised 3.2 percent decrease in the previous period and matching market expectations. Export prices declined 2.6 percent (vs -1.7 percent in Q4), of which dairy products (-7.5 percent vs -5.7 percent), fish (-2.6 percent vs 2.3 percent), food & beverages (-3.4 percent vs -2.7 percent) and aluminium (-8.2 percent vs -5.1 percent). Meantime, import prices dropped 3.5 percent (vs +1.5 percent in Q4), namely petroleum products (-20.3 percent vs 7.6 percent in Q4).

2019-02-28
New Zealand Terms of Trade Plunge 3% QoQ
The terms of trade in New Zealand declined 3.0 percent in the December quarter of 2018, following a downwardly revised 0.1 percent decrease in the previous three-month period and compared with market expectations of a 1 percent fall. Export prices declined 1.7 percent (vs +3.7 percent in Q3), as prices for dairy products plunged 5.7 percent. Among non-food manufactures, aluminium prices declined 4.9 percent. Meanwhile, import prices climbed 1.4 percent (vs +3.7 percent in Q3), led by a 7.5 percent jump in petroleum products (vs +6.5 in Q3). Also, electrical machinery prices surged 7.8 percent. Notably, import price for non-fuel crude materials fell 0.6 percent following a 10.0 percent jump in the previous three months.


New Zealand Terms of Trade
In New Zealand, Terms of Trade (ToT) correspond to the ratio of Price of exportable goods to the Price of importable goods.

New Zealand Trade Last Previous Highest Lowest Unit
Balance of Trade -752.57 -1039.24 1157.64 -1641.63 NZD Million [+]
Current Account -6351.00 -1037.00 1737.00 -6351.00 NZD Million [+]
Current Account to GDP -3.60 -3.00 -0.10 -8.90 percent [+]
Imports 5980.60 6046.07 6133.86 37.85 NZD Million [+]
Exports 5228.03 5006.83 5742.63 19.68 NZD Million [+]
External Debt 294466.00 284710.00 294466.00 67673.00 NZD Million [+]
Terms of Trade 1462.00 1435.00 1472.00 796.00 points [+]
Capital Flows 5828.00 -291.00 7263.00 -3332.00 NZD Million [+]
Foreign Direct Investment 909.00 4526.00 4526.00 -7322.00 NZD Million [+]
Tourist Arrivals 372108.00 283834.00 529255.00 40.00 [+]
Terrorism Index 0.14 0.29 1.19 0.00 [+]
Weapons Sales 6.00 4.00 75.00 1.00 USD Million [+]
Crude Oil Production 23.00 23.00 72.00 15.00 BBL/D/1K [+]
Global Dairy Trade Price Index 2.80 -5.10 22.60 -14.00 percent [+]