June trade index stays unchanged

Press, 28 September 1988, Page 43

June trade index stays unchanged

Wellington reporter and PA New Zealand’s overseas terms of trade index remained unchanged during the June quarter, according to the Government Statistician, Mr Steve Kuzmicich. This index measures the changing quantity of imports that can be bought from a fixed quantity of exports. He said small increases occurred in the price levels of both imports and exports and these, while slightly different, were insufficient to affect the index. But the index for the year ended June rose by eight points and now stands at 84, the highest level since the 86 points recorded for the year ended June, 1979. Annual export price levels rose by 2.7 per cent from June, 1987, while import levels fell by 6 per

cent. Export price level changes for the key primary products during the June quarter were recorded for cheese, up 8.4 per cent; milk and cream, up 7.2 per cent; wool, down 1.4 per cent; butter, down 1.9 per cent; and meat, down 2.3 per cent. Other significant export price level changes included increases in casein, 24.6 per cent, and non-ferrous metals, mainly aluminium, 17.7 per cent. Decreases were recorded for fish and fish preparations, 3.4 per cent, and crude materials other than fuels, 3.1 per cent. Significant import price commodity group movements were recorded for crude materials other than fuels, up 11.3 per cent, and iron and steel, up 10.9 per cent. Decreases were recorded for petroleum and

petroleum products, 4.3 per cent, and electrical machinery and apparatus, 2.6 per cent. The import volume index decreased by 4 per cent from the March to June quarters. Within this index, significant commodity group changes included transport equipment, down 34.4 per cent; iron and steel, down 20.5 per cent and petroleum and petroleum products, down 11.9 per cent. Increases were recorded for crude materials other than fuels, up 16.3 per cent, and electrical machinery and apparatus, up 12.3 per cent. The annual import volume index increased 4.7 per cent between the June, 1987, and June, 1988, years, while the annual export volume index decreased 0.4 per cent for the same period.