Wool Prices In New Zealand Rose 12% To A Record High In March.
New Zealand
In March this year, the index of commodity export prices rose 4.7%, a record high and 29.6% higher than a year ago. The prices of 17 commodities surveyed rose and benefited from the New Zealand dollar.
exchange rate
The easing of the trend also raised the price index of the New Zealand dollar by 8.1%, up 24.2% from a year ago.
In the past 1 years, the price of wool in New Zealand has increased 1 times. In March this year, the price rose by 12%. The meat, leather and wool price index also reached a record high. It was 46% higher than that of 1 years ago. In March, the price of whole milk powder and low-fat milk powder increased by 12% and 7% respectively, and the price index of dairy products reached a high level since 2008, even though the price of Fonterra milk powder online auction had dropped 8%.
New Zealand ANZ Bank economist said that the increase in New Zealand's farmers' income will flow into the economy, although so far, the relative benefits have not been extended to the overall economic sector because farmers are more concerned about the decrease in debt, but this situation will not last forever, but at present it is only a matter of time.
The New Zealand Ministry of Finance says it is not yet clear how long the price of commodities can last.
market
The price industry has already shown signs of high level, and is also affected by the great earthquake in Japan, which makes the price of Fonterra milk powder fluctuate greatly. It may represent that the market is seeking a new balance. In addition, the impact of the increase in US and European supply has also led to a decline in the price of dairy futures.
In this regard, BNZ bank economists say the increase in New Zealand exports has not yet truly inflows into New Zealand's economy, and the survey shows that the current profit outlook of the New Zealand agricultural sector is the best since 1990s, during which the New Zealand economic performance was quite strong.
It is also expected that under the trend of rising international commodity prices, the terms of trade of New Zealand will be further improved, even when the import price of oil is rising.
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