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How volatile are New Zealand's terms of trade? An international comparison

Daan Steenkamp

The terms of trade are a key influence on New Zealand's economy, and have often been quite volatile. This article compares New Zealand's experience with those of a group of other advanced economies. Cycles in New Zealand's terms of trade have been relatively large, but similar to those in the other advanced commodity exporting countries, such as Australia and Norway. Volatile export prices have typically been the main factor in the variability of commodity-exporting countries' terms of trade