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

New Zealand’s merchandise terms of trade fell 9.0% quarter-on-quarter in the three months to June 2026, deepening from a 2.0% decline in the previous quarter and sharply undershooting market expectations for a 2.2% drop. The deterioration was driven by a much stronger rise in import prices relative to export prices: export prices increased 3.5%, while import prices surged 13.9%. In value terms, goods exports climbed 6.7% to $21.2 billion, supported by a 6.4% increase in export volumes. Meanwhile, goods import values rose 7.1% to $22.8 billion, even as import volumes contracted by 2.1%.