New Zealand terms of trade up 2 per cent to 28-year high

Wellington - New Zealand's growing dairy exports led a 2 per cent rise in terms of trade for the March quarter, according to data released by Statistics New Zealand Monday. The country's purchasing power with the rest of the world is also at a 28-year high, the department said in a statement. Official statistics show that export prices fell over the three-month period, as a 3.2 per cent fall in meat prices offset a 2.8 per cent rise in dairy prices. Overall export volumes rose as demand grew for dairy products amid limited global supplies. Import prices fell 1.1 per cent because of lower petrol costs and a stronger currency, although volumes also rose. Westpac bank analyst Dominic Stephens told Radio New Zealand the figures confirmed the global boom for dairy products. Stephens said the effect of the New Zealand currency had been a little stronger than anticipated, with both import and export prices down. The export price fall was also a surprise, he said. © 2007 dpa - Deutsche Presse-Agentur

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New Zealand terms of trade up 2 per cent to 28-year high

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