The New Zealand Economy by Lattimore Ralph;Eaqub Shamubeel;

Author:Lattimore, Ralph;Eaqub, Shamubeel; [Lattimore, Ralph & Eaqub, Shamubeel]
Language: eng
Format: epub
Tags: Business and Economics
Publisher: Auckland University Press
Published: 2011-08-15T00:00:00+00:00

INTERNATIONAL PRICES

New Zealand’s trade patterns are also influenced by changes in import and export prices. When import prices rise, New Zealand must export more or borrow more to maintain imports. When export prices rise, New Zealand can afford to import more.

Import prices are mainly influenced by oil price volatility and a longer-term downward trend in manufactured products tied to globalisation and the rise of Asia. Export prices are mainly influenced by movements in agriculture commodity prices, New Zealand’s main exports. These are influenced by weather patterns, global supply and demand, and foreign policy settings.

New Zealand’s import price volatility has historically been tied to oil prices, as discussed in Chapter 1. However, New Zealand is now both an exporter and an importer of petroleum products and oil price shocks impact less on the trade accounts than in the past.

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