New Zealand’s merchandise terms of trade dropped 9.0% quarter-on-quarter in the three months to June 2026, following a 2.0% fall in the prior quarter and coming in worse than expectations of a 2.2% decline. The deterioration reflected higher relative export prices, with export prices rising 3.5% compared with a 13.9% jump in import prices. In value terms, export values for goods rose 6.7% to $21.2 billion as export volumes increased 6.4%, while import values grew 7.1% to $22.8 billion despite import volumes falling 2.1%.