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Source: MIL-OSI Submissions

Oil and logs defy falling trade prices – Media release

2 June 2021

Prices for oil and logs rose sharply in the March 2021 quarter, while import and export prices continued to fall overall, Stats NZ said today.

Overseas trade index (OTI) import and export prices both fell 0.8 percent in the quarter to March 2021. Prices remained well below those recorded a year ago, with annual falls of 6.3 percent for imports and 7.2 percent for exports.

Terms of trade rose 0.1 percent in the March 2021 quarter but remained down 0.9 percent annually. The terms of trade measures the purchasing power of New Zealand’s exports abroad and is an indicator of the overall state of the economy. A rise in the terms of trade means New Zealand can buy more imports for the same amount of exports.

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