Export prices for goods rose 8.3 percent on the previous quarter, while import prices rose 4.8 percent. Both export and import goods prices had previously fallen every quarter since the first half of 2020, including large falls in the September 2020 quarter, Stats NZ said.
Compared with the previous June quarter, merchandise terms of trade remained steady as both export and import prices fell 1.8 percent annually, statistics showed.
Terms of trade measure New Zealand's purchasing power for import goods, based on the prices it receives for exports. An increase in terms of trade means that New Zealand can buy more import goods for the same quantity of exports.
Dairy and forestry products were the major contributors to rising goods export prices. Export prices for dairy products increased 15.3 percent on the previous quarter, while prices for forestry products increased 12.7 percent, according to Stats NZ.
"Export prices for dairy typically lag behind the more widely reported Global Dairy Trade (GDT) prices," business prices delivery manager Bryan Downes said in a statement.
"While GDT only accounts for a portion of New Zealand dairy exports, it is likely that we're now seeing the high GDT prices reported earlier in the year push up our dairy export prices in the June quarter," Downes said.
Sustained demand was also seen for New Zealand logs, especially from China, which has continued to push up export prices for forestry products, Downes said, adding that other primary products also increased in price in the June 2021 quarter, with export prices for meat up 6.8 percent and prices for aluminum up 14.5 percent.
Rising prices for crude oil and petrol were the major contributors to the rise in goods import prices, he said.
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