New Zealand export commodity prices rose in world price terms in May, but the rise in the New Zealand dollar meant they fell sharply in NZ dollar terms, the ANZ Commodity Price Index showed.

The rise in world price terms, up 2.7% from April, was the third consecutive monthly rise. However, May also saw the third consecutive monthly fall in the index in NZ dollar terms, down 1.5% from April, and now down 17% from its high in August 2008. Prices in NZ dollar terms fell back to levels last seen in May 2007.

The world price index was led by a rise in meat, skins and wool prices, up 2.6% from April; and dairy product prices, up 5% over the month. In the NZ dollar series, these two remained stable from April, but dairy prices were still down 42.5% after a big drop from September 2007. Prices in May were last seen at the end of 2007.

Seafood prices fell sharply in both indexes, down 5.1% in world prices to mid-2007 levels, and 9.7% in NZ dollar terms to mid-2008 levels.

Forestry products have also had a torrid time in the last few months. Despite rising slightly in world price terms from April, they remained 41% below August 2007 prices (which were a 17 year high). In NZ dollar terms, forestry product prices fell 4% from April and were at their lowest level since March 1997.

See the recent rise in New Zealand's exchange rate here.