NZ: Q2 Terms of trade dropped by -2.1%/qtr - TDS

Research Team at TDS, notes that NZ’s Q2 Terms of trade dropped -2.1%/qtr (we were a small positive, mkt -1.5%).

Key Quotes

“Falling export prices explained the drop, but the  positive news was the rise in export volumes, the most in 8 years, +10% and a clear trade positive for GDP. This was what we also saw in Australia, with Q1 GDP firm on strong volumes, not on prices.”