Wool worst hit by high dollar

A higher New Zealand dollar in July pushed export returns down 3.1 per cent in the month, exacerbating a dip in world commodity prices, with the worst knock for wool.

The ANZ Bank commodity price index for July fell 0.5 per cent in world price terms, the six monthly fall in a row.

But a 2.2 per cent gain in the New Zealand dollar against a basket of trading partner currencies took the New Zealand dollar index down 3.1 per cent, and it is down 15.3 per cent for the year.

World prices for New Zealand's main exports are down more than 18 per cent on a year ago.

The hardest hit in July was wool, down 7 per cent in world price terms. Wool is down a massive 43 per cent in just 12 months. Fairfax NZ

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