New Zealand’s export prices outpaced import prices in the December 2024 quarter, boosting the country’s terms of trade by 3.1%, according to Stats NZ. The rise strengthens New Zealand’s purchasing power in global markets.
Meat exports, the country’s second-largest export category, saw prices increase by 6.8%, with lamb up 7% and beef and veal rising 6.1%. Since March 2024, lamb and beef export prices have climbed 15% and 17%, respectively.
Overall, the export price index rose 3.2% from the previous quarter, while import prices increased just 0.1%. Dairy exports also saw gains, with prices rising 3.5%, including a 3.5% increase for milk powder and 3% for butter. Increases in other sectors offset a 9.5% drop in petroleum import prices.