New Zealand's terms of trade rose 1.6 percent on quarter in the three months to June 2019, following a 1 percent gain in the previous period and beating market expectations of 1 percent. Export prices increased 3.4 percent (vs -2.6 percent in Q1), boosted mainly by lamb (up 4.7 percent to a record high) and beef (up 5.3 percent). In addition, dairy product prices grew 11 percent, with prices for milk powder up 11 percent, butter up 13 percent, and cheese up 3.1 percent. Meanwhile, import prices advanced 1.8 percent (vs -3.5 percent in Q1) as fuel import prices rose 13 percent, reflecting higher prices for crude oil (up 17 percent), petrol (up 12 percent), and diesel (up 3.6 percent). Year-on-year, terms of trade fell 0.8 percent in the second quarter, easing from a 2 percent drop in the previous period, as export prices were up 2.4 percent and import prices increased 3.3 percent. Terms of Trade in New Zealand averaged 1071.77 Index Points from 1957 until 2019, reaching an all time high of 1472 Index Points in the fourth quarter of 2017 and a record low of 796 Index Points in the fourth quarter of 1975.