Export And Import Prices Rise
Overseas Trade Indexes: June 2001 quarter (provisional)
The total merchandise export and import price indexes both rose in the June 2001 quarter, according to the latest Overseas Trade Indexes released by Statistics New Zealand. The merchandise export price index rose 1.9 per cent and the import price index rose 2.2 per cent in the latest quarter. Price increases occurred this quarter in most of the main commodities for both exports and imports.
The depreciation of the New Zealand dollar, as measured by the Trade-Weighted Index which fell 1.5 per cent in the June 2001 quarter, contributed to the increases in export and import prices. Moving against the trend were lower forestry product and fruit and vegetable export prices.
The merchandise terms of trade showed little change in the June 2001 quarter, falling 0.3 per cent. A fall in the terms of trade means that less imports can be funded by a fixed quantity of exports. The annual merchandise terms of trade rose 5.8 per cent for the year ended June 2001. This follows a 0.2 per cent rise for the year ended June 2000. The terms of trade for services fell 1.5 per cent in the June 2001 quarter.
The annual total merchandise export price index rose 20.6 per cent and the annual import price index rose 14.1 per cent for the year ended June 2001. The annual dairy products export price index recorded the most significant rise of 33.3 per cent for the year ended June 2001, following a 4.6 per cent fall for the year ended June 2000.
Merchandise export volumes had a seasonally adjusted rise of 3.2 per cent in the June 2001 quarter. Increased volumes were recorded for most of the main export commodities.
Merchandise import volumes had a seasonally adjusted increase of 3.2 per cent in the June 2001 quarter. The volume of consumption goods imported rose 0.8 per cent and intermediate goods (goods, including crude oil, imported for further processing) rose 0.2 per cent. The volatile capital goods volume index rose 19.4 per cent, following a fall of 20.1 per cent in the previous quarter.