Wool worst hit by high dollar

Last updated 05:00 03/08/2012

Relevant offers

Farming

NZ farms eyed as 'boltholes' for world's super rich Science students learn on the job Dry weather boosts black beetle danger Olivia Ross set for tough Young Farmer contest Irrigation lobbyists seek easier cash Small freight operators not passing on fuel cuts Recidivist dirty dairying farmer cops $66,000 fine Southern Valley water cuts could hit Marlborough vineyards ANZCO Foods founder funds new Lincoln chair Fight on to halt rapid march of the wildings

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

Ad Feedback

- BusinessDay.co.nz

Special offers
Opinion poll

Is it time for authorities to introduce tougher penalties for poaching?

Yes

No

Vote Result

Related story: Booby traps for poachers cost farmers

Featured Promotions

Sponsored Content

rural digi editions 4/9

Digital editions

Read our rural publications online