According to the latest report, the New Zealand commodity price index rose by 3.5% in October compared to the previous month and surged 31% year-on-year. However, when measured in New Zealand dollars, the monthly increase was only 0.8%, and the annual growth rate has slightly declined to 28%. The index is now 2.7% below its record high reached in May this year.
Out of the 13 key export commodities in New Zealand, 9 saw price increases. Only beef, sawnwood, and apple prices experienced declines. Meanwhile, global wool prices climbed by 29% and hit a 21-year high, while in New Zealand dollar terms, wool prices also reached their highest level in seven years.
ANZ Bank economists noted that the recent rise in wool prices over the past two months was largely driven by increased demand from Mainland China, which accounts for 38% of New Zealand’s wool exports.
In addition, leather, aluminum ingots, and seafood prices rose by 10%, 8%, and 2% respectively in October. Mutton and raw material prices also increased by approximately 3% to 4%.
The New Zealand Ministry of Finance explained that the weaker U.S. dollar has contributed to higher global commodity prices, especially those quoted in U.S. dollars. With expectations that the U.S. might continue to ease monetary policy, some commodity prices are expected to rise further in the coming months.
This trend highlights the complex interplay between global demand, currency fluctuations, and market expectations, all of which are shaping the current dynamics of New Zealand's commodity sector. As the economy continues to adapt, these factors will likely remain key indicators for future market movements.
Out of the 13 key export commodities in New Zealand, 9 saw price increases. Only beef, sawnwood, and apple prices experienced declines. Meanwhile, global wool prices climbed by 29% and hit a 21-year high, while in New Zealand dollar terms, wool prices also reached their highest level in seven years.
ANZ Bank economists noted that the recent rise in wool prices over the past two months was largely driven by increased demand from Mainland China, which accounts for 38% of New Zealand’s wool exports.
In addition, leather, aluminum ingots, and seafood prices rose by 10%, 8%, and 2% respectively in October. Mutton and raw material prices also increased by approximately 3% to 4%.
The New Zealand Ministry of Finance explained that the weaker U.S. dollar has contributed to higher global commodity prices, especially those quoted in U.S. dollars. With expectations that the U.S. might continue to ease monetary policy, some commodity prices are expected to rise further in the coming months.
This trend highlights the complex interplay between global demand, currency fluctuations, and market expectations, all of which are shaping the current dynamics of New Zealand's commodity sector. As the economy continues to adapt, these factors will likely remain key indicators for future market movements.
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