New Zealand Terms Of Trade Advance 0.7% In Q3

(RTTNews) - New Zealand's terms of trade climbed an unadjusted 0.7 percent on quarter in the third quarter of 2017, Statistics New Zealand said on Friday.

That missed expectations for an increase of 1.3 percent following the downwardly revised 1.4 percent gain in the three months prior (originally 1.5 percent).

Export prices for goods fell 1.9 percent, while import prices for goods fell 2.6 percent.

Seasonally adjusted goods export volumes rose 0.3 percent and goods import volumes fell 0.7 percent, while goods export values fell 0.4 percent and goods import values fell 4.9 percent.

The services terms of trade rose 3.6 percent. Services export prices rose 0.9 percent, while import prices fell 2.6 percent.

Export meat prices fell 1.2 percent, with beef down 2.7 percent, while lamb was up 0.3 percent. Meat volumes fell 3.8 percent and meat values fell 3.4 percent

Dairy prices fell 0.9 percent, with milk powder down 4.1 percent and cheese down 1.6 percent, while butter was up 8.8 percent.

Butter prices were at their highest level since the series began. Dairy volumes fell 5.7 percent and values fell 4.2 percent.

Forestry prices fell 0.7 percent, with volumes up 3.7 percent and values up 3.6 percent. Wool prices fell 4.2 percent, with volumes up 17 percent and values up 7.9 percent.

For imports, petroleum and petroleum product prices fell 12 percent, with volumes down 5.6 percent and values down 17 percent.

Crude oil prices fell 14 percent, while volumes rose 3.5 percent and values fell 11 percent.

Electrical machinery and apparatus prices fell 3.8 percent, with volumes down 0.8 percent and values down 2.7 percent.