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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ terms of trade fall in Q4 Reuters - Wednesday, March 11 WELLINGTON, March 11 - New Zealand's terms of trade hit their lowest level in a year in the December quarter, but higher export prices helped to cushion the downturn amid a crumbling global economy and a weak local currency. ADVERTISEMENT The terms of trade fell 0.9 percent in the December quarter, the third consecutive quarterly decline, as import prices rose more than export prices. Terms of trade were 1.9 percent higher than a year earlier, Statistics New Zealand said on Wednesday. A Reuters poll had forecasters picking a 2 percent fall in the terms of trade on the previous quarter, and a 1.9 percent fall on a year ago. The data highlighted the country's weak trading position, which has been exacerbated by the global recession, but was not seen as all bad news and may offer a small, though limited, lift to gross domestic product. "It means that whilst export prices have been falling the import side is affected too, the fact that terms of trade fell by less means that channel is not impacting New Zealand quite as harshly," said Robin Clements, senior economist at UBS. New Zealand has been in its first recession in more than a decade since the start of last year with expectations that activity will continue to contract at least until the middle of the year. "Import and export prices are close to what we thought, and look like they'll contribute to Q4 GDP, which although it won't be a great number, will get some small support from the trade position," said Michael Gordon, markets economist at Westpac. A preliminary Reuters poll has a forecast of a 0.8 percent fall in gross domestic product in the fourth quarter. Official data is due on March 27. Export volumes dropped 1.8 percent during the December quarter, following a 2.3 percent fall in the previous quarter, as falls in petroleum and forestry products overshadowed better dairy exports. Analysts said the carry over of strong contract dairy prices had helped New Zealand's terms of trade, but spot and auction prices warned of weakness ahead. The data drew little reaction from financial markets with the New Zealand dollar <NZD=> steady at $0.5040/45, and the June bank bill contract <NBBM9> at 2.81 percent. Terms of trade measure how much imports can be bought by a fixed quantity of exports. A rise in the terms means more imports can be purchased, a fall means less imports can be bought. Import prices rose 3.4 percent during the quarter against a 2.5 percent rise for exports. The Reserve Bank of New Zealand in December forecast terms of trade to deteriorate markedly through to 2010 as a weak global outlook dampens export prices, which will decline more than import prices. The New Zealand dollar trade weighted index <=NZD>, as measured by the Reserve Bank of New Zealand, fell 11.8 percent in the fourth quarter. A weaker New Zealand dollar generally increases export earnings, but also raises import costs. Other measures of New Zealand's external position show a trade deficit of NZ$5.48 billion in the year ended Jan. 31, and a current account deficit of 8.6 percent of gross domestic product in the year to Sept. 30. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business American Airlines to cut US capacity 9 percentAP - Wednesday, March 11 McAfee chief gets $16M pay packageAP - Wednesday, March 11 Maytag voluntarily recalls 1.6M refrigeratorsAP - Wednesday, March 11 Madoff faces life in prison on 11 criminal chargesReuters - Wednesday, March 11 Sepracor reaches Xopenex deal with TevaReuters - Wednesday, March 11 Most Popular – Business Viewed Chimp used planning skills to attack humans World faces 'Great Recession': IMF chief Madoff set to plead guilty, could face 150 yrs in jail Global economy near pick-up: G10 bankers Citi outlook sparks explosive Wall Street rally View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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