New Zealand terms of trade for the first quarter of 2018: -1.9% q/q (exp -2.0% q/q)

NZ data - Prices for exports slipping in Q1 more than those for imports

Terms of trade down 2% q/q. This is the first decline in ToT for a year and a half.

• expected -2.0% q/q, prior +0.8%
• Export prices -2.2% q/q against an expected -1.5% … driven largely by lower dairy prices
• Import prices -0.3% (expected 0.0%)

More:

• Import volumes +0.9% q/q
• export volumes down 2.9%

more to come