“Export volumes recorded their largest fall since the March 2008 quarter,” international statistics manager Jason Attewell said.
“This was due to falls from high levels in key primary products.”
Seasonally adjusted meat export volumes fell 8.3%, forestry volumes fell 8.3%, and dairy volumes fell 2%.
Seasonally adjusted import volumes rose 3.6%, continuing a series of rises that began at the start of 2013.
Capital goods led the rise this quarter, accompanied by rises in other key import groupings.
The trend for import volumes has been rising for seven consecutive quarters – by a total of 19%.
The terms of trade for goods rose 0.3% because export prices fell less than import prices.
“This is the lowest of six consecutive quarterly rises for the terms of trade, which is now 1.3% below its all-time high in the June 1973 quarter,” Attewell said.
Terms of trade is a measure of the purchasing power of NZ’s exports abroad. An increase means NZ can buy more imports for the same amount of exports.
A strengthening NZ dollar had a downward influence on import and export prices.
The price of exported goods fell 2% with dairy prices falling 4.3% and forestry product prices falling 6.5%, influenced by a large fall in log prices.
Prices for imported goods fell 2.3%. The fall was broad-based. Petroleum and petroleum products were down 3.9% because of lower prices for crude oil and contributed the most to the overall fall.
