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Lower dairy prices lead terms of trade fall
Lower dairy prices lead terms of trade fall – Media release
1 December 2014
The merchandise (goods) terms of trade fell 4.4 percent in the September 2014 quarter, due to export prices falling more than import prices, Statistics New Zealand said today.
The price of exported goods fell 4.5 percent, led by dairy and forestry products. Excluding dairy, the fall in export prices was about 0.9 percent. High meat prices partly offset the fall in dairy prices.
“The terms of trade fell this quarter, after rising six quarters in a row,” prices manager Chris Pike said. “The fall in dairy export prices follows big rises in the middle of last year.”
Dairy prices fell 11 percent, while seasonally adjusted dairy volumes rose 1.5 percent. This is the second consecutive fall in dairy prices, down 15 percent from a recent peak in the March 2014 quarter. Seasonally adjusted dairy values fell 8.9 percent after an 8.6 percent fall in the June 2014 quarter.
Forestry prices fell 3.9 percent influenced by lower prices for pine logs. Seasonally adjusted forestry volumes fell 5.2 percent. This is the second consecutive fall in both prices and volumes for forestry products.
Meat prices rose 4.3 percent influenced by higher prices for beef. Beef prices rose 9.3 percent to reach their highest level since the March 2002 quarter.
Import prices (down 0.1 percent) were flat overall. The key movement was a 5.4 percent fall in electrical machinery and apparatus prices, led by goods such as cell phones, TVs, and cameras. Offsetting this fall was a 2.7 percent rise in petroleum and petroleum product prices, led by higher prices for crude oil.
Seasonally adjusted import volumes rose 2.7 percent, led by capital goods.
The price and volume indexes for exports and imports of goods are compiled mainly from overseas merchandise trade data.
For more information about these
statistics:
• Visit Overseas Trade Indexes (Prices): September
2014 quarter (provisional)
• Full Data Release http://img.scoop.co.nz/media/pdfs/1412/OverseasTradeIndexesPricesSep14qtr.pdf
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