According to the report, during the second quarter of the year New Zealand’s quarterly and annual growth rates of trade terms reached 2.3% and 7% respectively, of which export prices rose by 1.8% during the quarter and import prices fell by 0.5%;
Export prices of dairy, petroleum, meat and wool rose by 4.5%, 13%, 3% and 12% respectively from the previous quarter, and the annual growth rate of wool prices reached 58%, which is the best level since 1989.
Farmers in New Zealand are the main beneficiaries of the strong performance of trade conditions. However, the increase in export revenue has not seen any inflow of consumption or investment. Instead, due to the improvement in terms of trade, the price of New Zealand dollar is further pushed up, resulting in tourism and The difficult business environment of related non-commodity exporters.
Westpac Bank of New Zealand stated that New Zealand’s trading conditions in the second quarter of this year will be the recent highs. As the world economy cools, international commodity prices will fall back from the current highs. New Zealand’s trade conditions are expected to decline by 6% next year. .
New Zealand’s commodity export price index for August also confirmed this expectation, with the global price index falling by 2.5% in the month compared with three months ago. New Zealand’s main exports, such as milk powder, logs and aluminum ingots Prices fell by 6%, wool, shea butter, and leather prices also fell by 4%. Milk powder prices also fell by 16% from the peak in March this year.
However, due to the slight decline in the exchange rate of the New Zealand dollar in August, the effect of the decline in global commodity prices was offset and the commodity price index denominated in the New Zealand dollar was maintained.
Export prices of dairy, petroleum, meat and wool rose by 4.5%, 13%, 3% and 12% respectively from the previous quarter, and the annual growth rate of wool prices reached 58%, which is the best level since 1989.
Farmers in New Zealand are the main beneficiaries of the strong performance of trade conditions. However, the increase in export revenue has not seen any inflow of consumption or investment. Instead, due to the improvement in terms of trade, the price of New Zealand dollar is further pushed up, resulting in tourism and The difficult business environment of related non-commodity exporters.
Westpac Bank of New Zealand stated that New Zealand’s trading conditions in the second quarter of this year will be the recent highs. As the world economy cools, international commodity prices will fall back from the current highs. New Zealand’s trade conditions are expected to decline by 6% next year. .
New Zealand’s commodity export price index for August also confirmed this expectation, with the global price index falling by 2.5% in the month compared with three months ago. New Zealand’s main exports, such as milk powder, logs and aluminum ingots Prices fell by 6%, wool, shea butter, and leather prices also fell by 4%. Milk powder prices also fell by 16% from the peak in March this year.
However, due to the slight decline in the exchange rate of the New Zealand dollar in August, the effect of the decline in global commodity prices was offset and the commodity price index denominated in the New Zealand dollar was maintained.
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