In a stark reversal of trends, New Zealand's export volume saw a significant decline in the second quarter of 2024. According to the latest data updated on 02 September 2024, the terms of trade for the country's exports dropped to -4.3%, following a robust increase of 6.3% in the first quarter of the year.
The current indicator of -4.3% marks a substantial decrease in comparison to the previous quarter's growth, underscoring a dramatic shift in the nation's trade performance on a quarter-over-quarter basis. This downturn comes after a positive trend in the first quarter, where the export volume had demonstrated a strong growth trajectory.
Analysts are keenly observing the contributing factors to this downturn, ranging from global economic conditions to domestic industry challenges. As New Zealand navigates this turbulent period, stakeholders are focusing on strategic measures to rejuvenate the export sector and stabilize the nation's economic standing in the coming quarters.
