Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Lower dairy prices contribute to fall in terms of trade

Lower dairy prices contribute to fall in terms of trade

Embargoed until 10:45am – 03 September 2012

In the June 2012 quarter, dairy export prices fell while petroleum import prices rose, Statistics New Zealand said today. These were the main contributors to a 2.6 percent fall in the terms of trade. A fall in the terms of trade means that less imports can be funded by the same quantity of exported goods. The terms of trade are 6.8 percent lower than a year ago.

"The price of goods we export fell 1.0 percent in the June quarter, reflecting a further drop in international prices for dairy products," prices manager Chris Pike said. "At the same time, prices for imported goods rose 1.7 percent, reflecting higher oil prices."

While export prices were pushed down due to a 2.6 percent fall in dairy product prices in the June 2012 quarter, the trend for dairy volumes remains at a high level.

Petroleum and petroleum products (up 8.4 percent) were the largest contributor to a 1.7 percent rise in import prices in the June 2012 quarter.

The seasonally adjusted volume of exports in the June 2012 quarter was down slightly. The seasonally adjusted volume of imports was down 3.1 percent due a fall in intermediate goods, such as crude oil.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Auckland Airport: North American Touch Downs Make AA Most Connected In Australasia
The return of American Airlines, the world’s largest airline, announced today has cemented Auckland Airport’s title as the Australasian airport with the most non-stop connections to the United States and Canada... More>>



Reserve Bank: Monetary Conditions Tighten By More And Sooner

The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.0 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability... More>>


The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>



Kiwibank: Savers To Benefit From Higher Returns Following OCR Rise

Following market movements Kiwibank is pleased to increase the interest rate and rates of return on its savings accounts... More>>

Fonterra: Provides 2022/23 Opening Forecast Farmgate Milk Price & Business Performance Update
Fonterra today announced its 2022/23 opening forecast Farmgate Milk Price and provided an update on its third-quarter performance... More>>


Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>