Oct 2, 2008

Big Fall In Export Commodity Index

Does National really want to win this election? Get a load of our export commodity price index. the bigest fall in 21 years. We quote from Bloomberg

New Zealand's commodity export price index fell by the most in 21 years in September, led by dairy, aluminum and beef, ANZ National Bank Ltd. said.
The index dropped 4.9 percent from August when it fell 3.3 percent, ANZ said in a report released in Wellington today. Prices declined 1.9 percent from a year earlier.
Commodity prices have surged 41 percent in the past two years, buoying farm incomes and exports, which make up 30 percent of the $105 billion economy. A slowing global economy is putting pressure on commodity prices, which will curb New Zealand's expansion, said ANZ senior economist
Khoon Goh.
``It's safe to assume any export recovery looks to be delayed into 2010,'' said Goh. ``The economy is lacking any real engines of growth.''