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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.

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).

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.