The merchandise (goods) terms of trade in New Zealand increased 1.9% quarter-on-quarter in the March 2025 quarter, easing from a revised 3.1% increase in Q4 2024 and missing market forecasts for a similar 3.1% rise. Export prices climbed 7.1%, driven by a 10% jump in dairy prices — the country’s top export — including a 13% surge in milk powder prices. Meanwhile, import prices rose 5.1%, largely due to a 21.3% spike in the cost of non-fuel crude materials.