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Overseas Trade Indexes (Prices and Volumes): June 2017 quarter (provisional)
Embargoed until 10:45am  –  01 September 2017
Key facts

The following movements occurred in the June 2017 quarter, compared with the March 2017 quarter.

  • The merchandise (goods) terms of trade rose 1.5 percent.
  • Export prices for goods rose 2.4 percent, while import prices for goods rose 0.9 percent.
  • Seasonally adjusted goods export volumes rose 6.8 percent, and goods import volumes rose 2.3 percent.
  • Seasonally adjusted goods export values rose 9.0 percent, and goods import values rose 2.9 percent.

The 1.5 percent rise in terms of trade in the June quarter follows a 3.9 percent increase in the March 2017 quarter, revised down from a provisional increase of 5.1 percent. The smaller increase for the March 2017 quarter than first reported mainly reflects a correction in the provisional price of forestry products. This correction will also flow through to the expenditure measure of gross domestic product, but is not significant enough to change the overall story.

 Goods imports and exports diagram

  • The services terms of trade fell 4.8 percent.
  • Services export prices fell 1.5 percent and import prices rose 3.5 percent.

Notable movements

Dairy

In the June 2017 quarter, dairy export prices rose 3.9 percent, with prices up for butter and cheese, while milk powder fell slightly. Butter prices reached an all-time high, 9.1 percent above the previous high in June 2011. Over the last two years, butter exports have been about 20 percent of the value of New Zealand’s dairy exports.

Dairy prices are 40 percent higher than the recent low of September 2016, but are still 18 percent lower than the March 2014 high.

In the June 2017 quarter, seasonally adjusted dairy export volumes rose 19 percent, reflecting a smaller-than-usual June quarter fall in actual volumes. This was partly due to high dairy manufacturing in the March 2017 quarter that led to a build-up in dairy product inventories.

Meat

Meat prices rose 9.2 percent in the June 2017 quarter. They were just 1.0 percent below their September 2015 all-time high, with increases for beef, sheep, and other meat.

Imports

Import prices rose 0.9 percent in the June 2017 quarter. This increase was due to price rises in machinery and electrical equipment, which includes items such as vehicles, consumer electronics, and plant and machinery. These increases were offset by a 4.2 percent fall in petroleum and petroleum product prices.

Correction

Due to a processing error involving consumer electronics, the September and December 2016 quarters have been revised. Impacts can be seen in the revision table available in the 'Downloads' box. The impact on terms of trade, and import prices and volumes (unadjusted) can be seen in the table below. There was no impact on values.

 

 Prices

 Volumes

 Imports

 Terms of trade

 Imports

Infoshare series

 OTPQ.
SIO1I95

 OTPQ.
STTZZ5

 OTVQ.
SIA2I91

Final Sep 2016 qtr Published 1 Mar 2017

770

1289

2386

Revised Sep 2016 qtr Published 1 Sep 2017

 771

 1287

 2383

Final Dec 2016 qtr Published 1 Jun 2017

764

1363

2395

Revised Dec 2016 qtr Published 1 Sep 2017

 764

 1362

 2394

 

Mark Sowden, Acting Government Statistician
ISSN 2423-0006
1 September 2017

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