The terms of trade in New Zealand dropped a seasonally adjusted 1.5 percent on quarter in the first three months of 2023, Statistics New Zealand said on Friday.
The missed expectations for a decline of 1.3 percent following the 1.8 percent increase in the previous three months.
Export prices fell 6.9 percent in Q1, missing forecasts for a drop of 2.2 percent after easing 0.6 percent in the three months prior. Export volume rose 1.0 percent, beating forecasts for a flat reading after slumping 6.3 percent in the previous quarter.
Import prices dropped 5.4 percent on quarter versus expectations for a fall of 0.8 percent after shedding 2.1 percent in the previous quarter.
