HomeLive CommentsNew Zealand terms of trade dropped -3%, largest fall since 2015

New Zealand terms of trade dropped -3%, largest fall since 2015

New Zealand terms of trade index dropped -3.0% qoq in Q4, much worse than expectation of -1.0% qoq. It’s also the largest decline since September 2015 quarter. Also ,falling global prices for milk powder and butter meant overall export prices dropped -1.7%. However, Stats NZ noted that “despite the latest fall, the terms of trade remained near the historic high in the December 2017 quarter.”

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Also from New Zealand, building permits rose 16.5% mom in January.

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