Increased Meat Export Prices Enhance New Zealand's Global Purchasing Power

Synopsis

Wellington, March 3 (NationPress) New Zealand's export prices have outpaced import prices in the December 2024 quarter, resulting in a 3.1% rise in terms of trade according to Stats NZ. This reflects an enhanced global purchasing power and economic strength.

Key Takeaways

Export prices rose more than import prices
3.1% increase in terms of trade
Meat prices, including lamb and beef, saw significant growth
Dairy products also experienced a price increase
Import prices rose slightly due to varied commodity trends

Wellington, March 3 (NationPress) The export prices from New Zealand have surged beyond the import prices during the December 2024 quarter, resulting in a 3.1 percent increase in the terms of trade, which signifies the ratio of export prices to import prices, as reported by the statistics department Stats NZ on Monday.

This terms of trade serves as a gauge of New Zealand's purchasing power on the global stage and reflects the comparative strength of the New Zealand economy, according to Stats NZ.

In the December 2024 quarter, the total export price index saw a rise of 3.2 percent, while the import price index only increased by 0.1 percent compared to the September 2024 quarter, as indicated.

Meat products, which rank as New Zealand's second-largest export commodity by value, observed a price hike of 6.8 percent in the December quarter, with lamb prices climbing by 7 percent and beef and veal prices by 6.1 percent, according to the reported statistics.

Since March 2024, lamb and beef export prices have seen substantial growth, being 15 percent and 17 percent higher than their March 2024 prices, stated Viki Ward, a spokesperson for Stats NZ international accounts.

Additionally, prices for New Zealand's leading export commodity, dairy products, increased by 3.5 percent, with milk powder and butter both rising by 3.5 percent and 3 percent respectively, as reported by the Xinhua news agency.

Meanwhile, New Zealand's import prices saw a slight increase of 0.1 percent in the December 2024 quarter, with a notable drop of 9.5 percent in petroleum and petroleum products, counterbalanced by rising prices in other categories, according to Ward.