Overseas Trade Indexes: June 2001 quarter (provisional)
The total merchandise export and import price indexes both rose in the June 2001 quarter, according to the latest
Overseas Trade Indexes released by Statistics New Zealand. The merchandise export price index rose 1.9 per cent and the
import price index rose 2.2 per cent in the latest quarter. Price increases occurred this quarter in most of the main
commodities for both exports and imports.
The depreciation of the New Zealand dollar, as measured by the Trade-Weighted Index which fell 1.5 per cent in the June
2001 quarter, contributed to the increases in export and import prices. Moving against the trend were lower forestry
product and fruit and vegetable export prices.
The merchandise terms of trade showed little change in the June 2001 quarter, falling 0.3 per cent. A fall in the terms
of trade means that less imports can be funded by a fixed quantity of exports. The annual merchandise terms of trade
rose 5.8 per cent for the year ended June 2001. This follows a 0.2 per cent rise for the year ended June 2000. The terms
of trade for services fell 1.5 per cent in the June 2001 quarter.
The annual total merchandise export price index rose 20.6 per cent and the annual import price index rose 14.1 per cent
for the year ended June 2001. The annual dairy products export price index recorded the most significant rise of 33.3
per cent for the year ended June 2001, following a 4.6 per cent fall for the year ended June 2000.
Merchandise export volumes had a seasonally adjusted rise of 3.2 per cent in the June 2001 quarter. Increased volumes
were recorded for most of the main export commodities.
Merchandise import volumes had a seasonally adjusted increase of 3.2 per cent in the June 2001 quarter. The volume of
consumption goods imported rose 0.8 per cent and intermediate goods (goods, including crude oil, imported for further
processing) rose 0.2 per cent. The volatile capital goods volume index rose 19.4 per cent, following a fall of 20.1 per
cent in the previous quarter.