Apples lead export price surge

Prices for New Zealand's main commodity exports, which account for about 60 per cent of the country's $44 billion annual export earnings, hit a record high in April, led by huge increases for apples and skins, a survey showed yesterday.
The ANZ Bank's commodity price index rose 1.6 per cent in the month, the eighth consecutive month of gains. The index is now twice the level of the February 2009 low in the wake of the global financial crisis.
Translated into NZ dollar earnings, the index fell 3.9 per cent from March's record high as the kiwi rallied strongly. Strong export performance has offset a weak domestic economy, which has all but stalled in the face of weak house prices, rising unemployment, and cautious consumers.
The economy is expected to be further dented in the short term by the impact of the earthquake which struck Christchurch, killed at least 169 people and devastated large areas of the business district.
Apple prices increased 41 per cent as the first of the new season's crop hit northern hemisphere markets while skins rose 19 per cent. But prices across the range of dairy exports fell on average 2.5 per cent.
Trade data showed the country posted record export earnings during March, with the monthly balance showing its third consecutive surplus.