New Zealand Terms of Trade for Q1 2021: +0.1% q/q (vs. expected -0.3%, prior +1.3%)

NZ data, ToT hovering near record highs with a beat in Q1.

• export volumes -1.9% q/q
• import volumes +9.6% q/q
• export prices -0.8% q/q
• import prices -0.8% q/q

more to come