FX.co ★ New Zealand Terms of Trade Drops More Than Expected

New Zealand’s merchandise terms of trade declined 2.0% quarter-on-quarter in the three months to March 2026, reversing a 3.7% increase in the previous quarter and undershooting expectations for a 1.2% fall. The downturn was driven by relatively weaker export prices: export prices slipped 2.7%, compared with a more modest 0.7% decrease in import prices.