Wool worst hit by high dollar

Last updated 05:00 03/08/2012

Relevant offers

Farming

Paperwork saved farmers from job scam Farmer wants 'cowboy' graziers to clean up act Greens spoof Nats' dirty river row Synlait Milk takes top award Striving for the best herefords at Kokanga Flock Hill owners deny 'evicting' tour operator Flock Hill job losses a 'red herring' Danone plans NZ food hub Pig farmer rescues protester Dairy price slide on hold

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

Which way are farmers likely to vote in the 2014 General Election?

National

Labour

Greens

NZ First

Conservatives

Maori Party

Internet Mana

Other

Vote Result

Related story: Farmers weigh voting choices

Featured Promotions

Sponsored Content

rural digi editions 4/9

Digital editions

Read our rural publications online