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Bullard Kickstarts Reflation Unwind Theme

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Fresh 2021 Lows

--Terms of Trade -1.9%; Export Prices -2.2%; Import Prices -0.3%
By Sophia Rodrigues
     SYDNEY (MNI) - Following are the five key observations we made from
overseas trade indexes data for the first quarter published by Statistics New
Zealand on Friday:
     --New Zealand's terms of trade fell 1.9% in Q1, from a record high touched
in Q4. The fall was mainly due to decline in export prices led by dairy.
     --Total export prices fell 2.2% as dairy prices fell 6.7% due to 0.6% drop
in volumes and a 9.8% fall in values. Meat and wool were other key contributors
to the decline while the offset came from a 5.4% rise in fruit and vegetable
prices.
     --Total import prices fell 0.3% due mainly to a 5.5% fall in electrical
machinery and apparatus, and a 2.8% fall in mechanical machinery. This was
partly offset by a 10% rise in crude oil prices. Capital goods volumes fell 23%
due mostly to imports of transport equipment returning to previous levels after
large aircraft were imported the quarter before.
     --This was the first fall in terms of trade in six quarters, though the
level remains elevated and in line with the Reserve Bank of New Zealand's
forecast. High terms of trade has been one of the key drivers to New Zealand
growth.
     --Export prices for services rose 0.8% while import prices fell 5.2%,
marking a 6.4% rise in services terms of trade.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MANDS$,M$A$$$,M$N$$$,MT$$$$]