NZ data on how the price of exports are performing. Dairy has been a weight.
Another fall for this, for the third consecutive month. Not NZD supportive folks.
For the y/y, down 0.5%
There are 17 commodities in the index
- seven fell
- four were unchanged
- six rose
A floating exchange rate is meant to 'cushion' falls in commodity prices (in local currency terms) …. for this indicator, expressed in New Zealand dollars:
- up 0.4% m/m
- up 8.9% y/y
Says ANZ:
- the NZD is doing its job and keeping exporter incomes afloat. To some extent softer world prices are to be expected, as global growth appears to be past its peak. The question is: to what extent will the weaker CNY/USD hamper Chinese demand? And more broadly, how will global trade uncertainties impact global demand? In this environment, a faster-than-expected slowdown in global growth is a key risk.
--
This is ANZ's indicator of price trends for New Zealand's 17 main commodity exports
