Wellington, March 3 New Zealand's export prices increased more than import prices in the December 2024 quarter, leading to a 3.1 per cent rise in the terms of trade which represents the ratio of export prices to import prices, according to the statistics department Stats NZ on Monday.
The terms of trade can be interpreted as a measure of New Zealand's purchasing power on the international stage and as an indicator of the relative strength of the New Zealand economy, Stats NZ said.
The total export price index rose 3.2 per cent and the import price index rose 0.1 per cent in the December 2024 quarter, compared with the September 2024 quarter, it said.
Export prices for meat products, New Zealand's second-largest export commodity by value, rose 6.8 per cent in the December quarter, with lamb prices rising 7 per cent, while beef and veal prices rose 6.1 percent, the statistics showed.
Lamb and beef export prices have experienced growth since March 2024, which are 15 and 17 per cent higher now than March 2024 levels, said Stats NZ international accounts spokesperson Viki Ward.
Prices for New Zealand's top export commodity dairy products rose 3.5 per cent, with milk powder up 3.5 per cent and butter up 3 per cent, the statistics showed, Xinhua news agency reported.
New Zealand's import prices rose 0.1 per cent in the December 2024 quarter, with falling prices for petroleum and petroleum products, down 9.5 per cent, offset by rising prices in other categories, Ward said.
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