New Zealand's Terms of Trade Highest Since 1973 -- Market Talk

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2320 GMT [Dow Jones]--The purchasing power of New Zealand's exports rose to its highest level since 1973, government figures show. The merchandise terms of trade rose 5.1% in 1Q, meaning New Zealand can buy 5.1% more imports for the same amount of exports. Export prices rose 8%, with dairy prices soaring 18% after their 14% rise in 4Q. Still, despite these two large increases, dairy prices remain 21% lower than the recent high in 1Q 2014, Stats NZ said Thursday. In 1Q17 import prices rose 2.7%, influenced by a price rise for crude oil, which is still about half its mid-2012 price. (ben.collins@wsj.com)

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May 31, 2017 19:35 ET (23:35 GMT)