New Zealand's terms of trade advanced 1.5 percent on quarter in the second three months of 2017, Statistics New Zealand said on Friday.
That missed forecasts for an increase of 3.0 percent following the downwardly revised 3.9 percent gain in the second quarter (originally 5.1 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 services terms of trade fell 4.8 percent.
Services export prices fell 1.5 percent and import prices rose 3.5 percent.
In the second 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.
by RTT Staff Writer
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