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Stronger dairy prices help NZ export prices rise most in 22 years

Stronger dairy prices help NZ export prices rise most in 22 years

New Zealand's export commodity prices made their biggest monthly rise in 22 years in September, rising 6.8% in world price terms from August, the ANZ Commodity Price Index shows. However, also two thirds of this gain was wiped by the rise in the New Zealand dollar, with local currency prices rising 2.4%.

A rising New Zealand dollar since March has generally wiped out gains in commodity prices as global demand for commodities strengthened following the worst of the credit crisis. "While the New Zealand dollar strengthened significantly last month (which dampens returns locally), the overall lift in commodity prices was far stronger than the rise in the value of the kiwi dollar," ANZ economist Steve Edwards said.

The 2.4% rise in New Zealand dollar terms was off a cyclical low in August, Edwards said.

"This latest improvement (in world price terms) comes on top of some steady rises made over the last few months. The overall gain since the recent low recorded in February is a cumulative 20 percent," Edwards said.

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"The previous record highs recorded in 2008 were underpinned by a spike in world dairy prices. A similar pattern has lifted the index over the past seven months. Dairy prices lifted 17 percent last month, with a cumulative gain of 33 percent in global dairy prices since February," he said.

"Price rises were noted for seven other commodities. The price of skins recovered 8.3 percent, sawn timber lifted 7.2 percent and wool prices rose 5.3 percent. Smaller increases were noted for wood pulp (3.1 percent), lamb (2.3 percent), beef (2.2 percent) and kiwifruit (0.4 percent)."

"Declines were measured in the price of apples (-5.7 percent), aluminium (-4.0 percent) and logs (-3.0 percent)."


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