Exports prices q/q fell more rapidly than did import prices:

nzd terms of trade q3 2023

Export Volumes -5.5% q/q

  • expected -3.8%, prior 6.8%

Export Prices -1.4%q/q

  • expected -1.5%, prior -0.6%

Import Prices q/q -0.8%

  • expected 1.0%, prior -1.0%

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  • Terms of trade refer to the ratio between the prices of a country's exports and the prices of its imports. In other words, it's the relative value of a country's exports to its imports.
  • When the terms of trade of a country are improving, it means that the prices of its exports are increasing faster than the prices of its imports. This can lead to an increase in the purchasing power of the country's exports, which can boost economic growth.
  • On the other hand, if a country's terms of trade are deteriorating, it means that the prices of its imports are increasing faster than the prices of its exports. This can lead to a decrease in the purchasing power of the country's exports, which can negatively impact economic growth.

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NZD/USD is a little lower to open the week, circa 0.6191