New Zealand was on holiday Monday - but they're back!

Q1 Terms of Trade Index: +1.5% q/q

  • expected +1.7%
  • prior was -1.9%
  • Q1 s/adj export volumes +1.4% q/q (Reuters 'expected' poll +2.4%)
  • Q1 s/adj import prices -5.1% q/q (expected -4.5%)
  • Export prices -3.7% q/q (expected -3.1%)

More, via Stats NZ:

  • Today's rise follows two consecutive falls in the terms of trade
  • Imported goods prices fell 5.1 percent
  • Petroleum and petroleum products down 29%
  • "Petroleum and petroleum product prices were at their lowest quarterly level since the June 2005 quarter," prices manager Chris Pike said. "Excluding fuel, import prices rose 0.1 percent in the March 2015 quarter."
  • Seasonally adjusted import volumes rose 0.1 percent, to their highest level since the series began in the June 1990 quarter
  • Import prices were at their lowest level since the September 1988 quarter.
  • Exported goods prices fell 3.7 percent in the March 2015 quarter, while seasonally adjusted export volumes rose 1.4 percent
  • Dairy prices (down 6.3 percent) had the most-significant effect on overall export prices. Excluding dairy, export prices fell about 3.2 percent. Meat prices also fell.