Analysts at ANZ note that the New Zealand’s goods terms of trade fell 3.0% q/q in Q4, as import prices lifted while export prices fell.
Key Quotes
“Seasonally adjusted trade volumes lifted with exports up 0.8% q/q while imports rose 0.2% q/q. This suggests net exports will make a small positive contribution to real expenditure GDP growth in Q4.”
“Looking forward, improvements in export volumes, primarily in the meat sector and to a lesser extent the dairy sector, along with improved dairy prices is expected to make a positive contribution to GDP in Q1.”
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